The Proceeds of Crime Act applies to everyone; it is not specific to financial services, insurance or the sectors to which the Money Laundering Regulations apply. It has been further upgraded by the Criminal Finances Bill in 2017, which strengthen...
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...uspicion of money laundering
Tipping off , or giving somebody warning that their activity might come under scrutiny by the authorities, but only for firms to whom the Money Laundering Regulations apply
They are covered in the next sections.
Under laundering or assisting someone else in laundering the proceeds of crime all of the following are considered offences:
Concealing, disguising, converting or trans...
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...ors to break the law if they are ‘looking after’ criminal property on behalf of a client.
This criminal offence can lead to a prison sentence and/or a fine.
Under failing to report knowledge or suspicion of money laundering a person does not commit an offence if they report the event before it occurs. Therefore someone being asked to hold criminal property on behalf of another, or to carry out some activity which they believe might assist w...
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...hat a report should be passed on, it is an offence for the responsible Senior Manager not to do this as soon as possible.
The penalty for failing to report money laundering, or a reasonable suspicion that money-laundering activity is taking place, is imprisonment, a fine, or both.
If the police are investigating potentially criminal monetary transactions, they are highly likely to want the suspect to be unaware of the...
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...ppening, firms should seek guidance from the National Crime Agency (NCA).
The penalty for this offence is imprisonment, a fine, or both.
