Money laundering under the Proceeds of Crime Act 2002

Money laundering under POCA 2002

Money laundering is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin so that they can be retained permanently or recycled into further criminal enterprises.

Money laundering is undertaken following a predicate, acquisitive offence, when the proceeds of the crime are laundered by either the offender themselves or someone on their behalf. The principal money laundering offences created by the Proceeds of Crime Act 2002 (POCA 2002) are:

1. •

   the concealing offence, where a person conceals, disguises, converts or transfers criminal property, or removes criminal property from the jurisdiction (POCA 2002, s 327)

2. •

   the arranging offence, where a person enters into or becomes concerned in an arrangement that they know or suspect facilitates (by whatever means) the acquisition, retention, use or control of criminal property, by or on behalf of another person (POCA 2002, s 328)

3. •

   the acquisition, use or possession offence, where a person acquires, uses or has possession of criminal property (POCA 2002, s 329)

The...