Corker Binning

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Corker Binning
Senior Associate (Solicitor)
Corker Binning
Corker Binning
Contributions by Corker Binning Experts

5

Money laundering offences under the Proceeds of Crime Act 2002
Practice notes

This Practice Note summarises the money laundering offences which can be committed under the Proceeds of Crime Act 2002 (POCA 2002), providing the elements of each offence and the defences available, including the threshold amount which applies to deposit taking bodies. It explains the concealing offence, the arranging offence and the acquisition, use or possession offence under POCA 2002, ss 327–329 (the principal money laundering offences). It also introduces the other POCA 2002 money laundering offences of failure to disclose (ie make a suspicious activity report or SAR), tipping off and prejudicing an investigation. It includes sentencing information and summarises the Sentencing Council’s sentencing guidelines as well as providing information on the mens rea (suspicion or knowledge) required for money laundering offences. It also covers in summary the EU Directive on criminalising money laundering which aims to standardise the criminalisation of money laundering across the EU.

Money laundering offences—acquisition, use and possession
Practice notes

This Practice Note covers the money laundering offence of acquiring, using or possessing criminal property under section 329 of the Proceeds of Crime Act 2002 (POCA 2002). This is one of the three principle money laundering offences under POCA 2002. It deals with the necessary elements of the acquisition, use and possession of the proceeds of crime (money laundering) offence, including what is meant by criminal property (ie the benefit from criminal conduct) and also the definition of criminal conduct for the purposes of money laundering. It also covers possible defences to a POCA 2002, s 329 offence, including making authorised disclosures (known as suspicious activity reports (SARs)) to obtain consent to transactions as part of anti-money laundering measures, and what is meant by adequate consideration under POCA 2002, s 329(3). It also explains sentencing for this money laundering offence.

Money laundering offences—concealing, disguising, converting, transferring and removing
Practice notes

This Practice Note covers the money laundering offence of concealing, disguising, converting, transferring or removing criminal property under section 327 of the Proceeds of Crime Act 2002 (POCA 2002). This is one of the three principle money laundering offences under POCA 2002. It deals with the necessary elements of the acquisition, use and possession of the proceeds of crime (money laundering) offence, including what is meant by criminal property (ie the benefit from criminal conduct) and also the definition of criminal conduct for the purposes of money laundering. Also, it covers any possible defences to POCA 2002, s 327 offences including making authorised disclosures (known as suspicious activity reports (SARs)) to obtain consent to transactions as part of anti-money laundering measures and explains the threshold amount under POCA 2002, s 339A for the purposes of a defence afforded to a deposit-taking body. It also explains sentencing for this money laundering offence.

Money laundering offences—failure to disclose offences
Practice notes

This Practice Note explains the failure to disclose (or failure to report) money laundering offences under sections 330, 331 and 332 of the Proceeds of Crime Act 2002 (POCA 2002) including failing to disclose to or by a nominated officer or authorised person (sometimes called compliance officers) in the regulated sector and offences which can be committed by nominated officers in the unregulated sector, where they have received a disclosure and fail to pass it on to the National Crime Agency (NCA). It also covers failing to disclose when there is a required notification for the purposes of joint disclosure reports or so-called ‘superSARs’. It includes information on sentencing for these offences. It defines the regulated and unregulated sector, the mens rea: knowledge and suspicion for the purposes of the failure to disclose offences and it goes through each offence in turn explaining the elements of the offence, defences and finally sentencing for the failure to disclose offences.

Money laundering offences—the arrangement offence
Practice notes

This Practice Note explains the money laundering offence of being involved in an arrangement resulting in the acquisition, retention, use or control of criminal property by another person under section 328 of the Proceeds of Crime Act 2002 (POCA 2002). This is one of the three principle money laundering offences under POCA 2002. It deals with the necessary elements of the arrangement (money laundering) offence, including what is meant by criminal property (ie the benefit from criminal conduct) and also the definition of criminal conduct for the purposes of money laundering. It also covers possible defences to the POCA 2002, s 329 offence, including making authorised disclosures (known as suspicious activity reports (SARs)) to obtain consent to transactions as part of anti-money laundering measures, and what is meant by the threshold amount under POCA 2002, s 339A for the purposes of a defence afforded to a deposit-taking body. It also explains sentencing for this money laundering offence.

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