Disclosures made under POCA 2002

The money laundering regime under the Proceeds of Crime Act 2002 (POCA 2002) requires individuals to make a disclosure in respect of transactions they are undertaking on another person’s behalf, in order to obtain a defence to one of the principle money laundering offences. For more information on the principle money laundering offences, see Practice Note: Money laundering offences under the Proceeds of Crime Act 2002.

POCA 2002 provides for three types of disclosures:

1. •

   a protected disclosure

2. •

   an authorised disclosure, and

3. •

   voluntary disclosures, required notifications and joint disclosure reports pursuant to POCA 2002, ss 339ZB–339ZG (see Voluntary disclosures, required notifications and joint disclosure reports below)

There are similar provisions in relation to disclosure and offences for failure to disclose under the counter-terrorist financing regime provided for under sections 19–21 of the Terrorism Act 2000 (TA 2000). For more information, see Practice Notes: Counter-terrorist financing and Reporting suspicions of money laundering and terrorist financing.

Voluntary disclosures, required notifications and joint disclosure reports