Further information orders under Proceeds of Crime Act 2002
Produced in partnership with Rebecca Cooke of Shearman Bowen

The following Corporate Crime practice note produced in partnership with Rebecca Cooke of Shearman Bowen provides comprehensive and up to date legal information covering:

  • Further information orders under Proceeds of Crime Act 2002
  • Background
  • Key requirements in the making of an order
  • The application
  • The content of the order
  • What must the court be satisfied of before making the order?
  • Condition 1 (Domestic SARs)
  • Condition 2 (foreign SAR equivalent)
  • FIOs—procedure
  • Relevant considerations for the respondent
  • More...

Further information orders under Proceeds of Crime Act 2002

This Practice Note considers the powers created under sections 339ZH to 339ZK of the Proceeds of Crime Act 2002 (POCA 2002) (inserted by section 12 of the Criminal Finances Act 2017 (CFA 2017)) pursuant to which the National Crime Agency (NCA) may obtain further information orders (FIOs) against any person in the regulated sector who has submitted a suspicious activity report (SAR).

For further information on SARs generally, see Practice Notes: Authorised disclosure, protected disclosure and appropriate consent and Reporting suspicions of money laundering.

Background

There are both legal and practical reasons why FIOs have been introduced.

In its Action Plan for anti-money laundering and counter-terrorist finance, the government first proposed legislating to provide a power for the NCA to oblige reporters to provide further information on a SAR where there is a need to do so in order to comply with the requirements of The Fourth Money Laundering Directive 2015/849/EU (MLD4). MLD4 was formally adopted by the Council of the EU (the Council) in May 2015 after lengthy and interesting negotiations. Every Member State was required to transpose MLD4 into national legislation by 26 June 2017. For more information, see Practice Note: Money Laundering Directive 4 (MLD4)—essentials.

The NCA has itself stated that: ‘The power to request additional information from reporters is necessary for the UKFIU to meet the

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