The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:
STOP PRESS: This Practice Note is currently being updated to reflect recent developments.
There are four separate offences relating to the failure to disclose information under the Proceeds of Crime Act 2002 (POCA 2002):
failing to disclose to a nominated officer or other authorised person when operating in the regulated sector—wide application, not limited to nominated officers
failure to disclose, on the part of a nominated officer operating in the regulated sector
failure to disclose, on the part of a nominated officer operating in the unregulated sector
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
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