Cannabis Cos. Warned Over Risks Of UK Crime Proceeds Law

Law360, London (September 18, 2020, 3:19 PM BST) -- Britain's financial regulator warned on Friday that overseas medical cannabis companies operating in the U.K. must satisfy the government that all of their activities are legal to avoid falling afoul of the Proceeds of Crime Act.

The Financial Conduct Authority said that there remains a risk for overseas medical cannabis providers that their activity could be a criminal offense despite medical cannabis being legalized in Britain in 2018.

That means any overseas companies wishing to sell cannabis products in the U.K. must apply to the Home Office for an official listing before carrying out any business. Whether or not they will...

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