Issue - meetings

This report seeks approval to the Anti-Money Laundering Policy and the amended Audit Committee’s terms of reference.

Discussion:

This report provided details of the Anti-Money Laundering Policy and amendments to the Audit Committee’s terms of reference for consideration and approval, following consideration at the Audit Committee on 11 July 2013.

A Diversity Impact Assessment (DIA) screening form had been carried out on the draft policy, as set out in Appendix C to the report.

A revised Appendix B to the report (Audit Committee terms of reference) was tabled at the report owing to a formatting error in the original documentation.

The Chairman of the Audit Committee, Councillor Mackinlay, supported by the Portfolio Holder for Finance and Deputy Leader, Councillor Jarrett, proposed the recommendations set out in the report, with reference to the revised Appendix B.

Decision:

a)     The Council agreed the Anti-Money Laundering Policy, as set out in Appendix A to the report, for inclusion within the Constitution.

b)     The Council agreed the proposed amendment to the Audit Committee’s terms of reference, as set out in the revised Appendix B to the report.

This report presents a policy for consideration and discussion by the Audit Committee.

Discussion:

The Assistant Director, Legal and Corporate Services introduced this report setting out a proposed Anti-Money Laundering Policy.

Members were advised that the Council was committed to ensuring there were appropriate and proportionate anti-money laundering safeguards to prevent, where possible, the organisation and its staff being exposed to money laundering. The policy, attached at Appendix A to the report, identified the legal and regulatory framework, corporate and employee responsibilities, key risks and prevention methods and identified the Chief Finance Officer as the nominated officer for anti-money laundering. It was also noted that the policy would apply to all employees and would be promoted to partners and suppliers.

It was proposed that the Anti-Money Laundering Policy be included within the Constitution alongside pre-existing policies and procedures, which together provide protection against financial impropriety. During the discussion of this item, Members considered the collation of this and the existing policies and procedures within a single policy relating to Financial Crime, which had been the case elsewhere. Members were advised that the Council’s overarching policy was the Anti-Fraud and Corruption Policy but the Assistant Director, Legal & Corporate Services undertook to consider this further. 

Decision:

The Audit Committee referred the Anti-Money Laundering Policy, as set out in Appendix A to the report, to Council for approval and inclusion within the Constitution.