The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
This Practice Note contains a jurisdiction-specific Q&A guide to anti-money laundering in United Kingdom published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2021).
Authors: White & Case LLP—Jonah Anderson
The principal laws governing money laundering in the United Kingdom are the Proceeds of Crime Act 2002 (POCA) and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations).
At the heart of the money laundering offences is the concept of criminal property. Criminal property (effectively the proceeds of crime) is property that constitutes a person's benefit from criminal conduct or represents such a benefit, in whole or in part and whether directly or indirectly, and that the offender knows or suspects that it constitutes such a benefit (section 340(3)). Criminal conduct is conduct that constitutes an offence in any part of the UK or would constitute an offence in any part of the UK if it occurred there (section 340(2)).
POCA creates three primary money laundering offences criminalising involvement with criminal property (the primary offences):
concealing, disguising, converting, transferring or removing criminal property from England and Wales or from Scotland or Northern Ireland (section 327);
entering into or becoming concerned
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