Money laundering offences—failure to disclose offences
Money laundering offences—failure to disclose offences

The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:

  • Money laundering offences—failure to disclose offences
  • Failure to disclose offences under the Proceeds of Crime Act 2002
  • Regulated and unregulated sector
  • Knowledge and suspicion for the purposes of the failure to disclose offences
  • The Proceeds of Crime Act 2002, s 330 offence—regulated sector
  • The Proceeds of Crime Act 2002, s 331 offence—nominated officers in the regulated sector
  • The Proceeds of Crime Act 2002, s 332 offence—other nominated officers
  • The Proceeds of Crime Act 2002, s 336 offence—nominated officers providing consent
  • Failure to disclose offences—superSARs
  • Sentencing for failing to disclose offences

STOP PRESS: This Practice Note is currently being updated to reflect recent developments.

Failure to disclose offences under the Proceeds of Crime Act 2002

There are four separate offences relating to the failure to disclose information under the Proceeds of Crime Act 2002 (POCA 2002):

  1. failing to disclose to a nominated officer or other authorised person when operating in the regulated sector—wide application, not limited to nominated officers

  2. failure to disclose, on the part of a nominated officer operating in the regulated sector

  3. failure to disclose, on the part of a nominated officer operating in the unregulated sector

  4. failure to make disclosure otherwise than in the form prescribed

POCA 2002, ss 330 and 331 together create an obligation on the regulated sector to report to the appropriate authorities suspicions of money laundering of criminal proceeds. POCA 2002, s 332 creates the same obligation for specific persons (ie nominated officers) in the non-regulated sector who receive information as a result of disclosures made by employees under sections 337 (protected disclosures) and 338 (authorised disclosures).

Section 105 of the Serious Organised Crime and Police Act 2005 amended POCA 2002, s 339 to create an offence where a person uses the incorrect format when making a disclosure unless they have a reasonable excuse for so doing. This offence is triable summary only and the