Proceeds of Crime Act 2002—information sharing in the regulated sector—superSARs
Produced in partnership with Michael Potts of Byrne and Partners LLP
Proceeds of Crime Act 2002—information sharing in the regulated sector—superSARs

The following Corporate Crime guidance note Produced in partnership with Michael Potts of Byrne and Partners LLP provides comprehensive and up to date legal information covering:

  • Proceeds of Crime Act 2002—information sharing in the regulated sector—superSARs
  • Sharing of information within the regulated sector
  • Voluntary disclosures, required notifications and disclosure requests—who do they apply to?
  • What is a voluntary disclosure?
  • What is a disclosure request?
  • What are required notifications?
  • Joint disclosure reports
  • Effect of required disclosures on POCA 2002, ss 330 and 331 (failure to disclose offences)
  • Confidentiality
  • Good faith
  • more

This Practice Note deals with the amendments to the Proceeds of Crime Act 2002 (POCA 2002) by the Criminal Finances Act 2017 (CFA 2017). Specifically, it details the effect of section 11 of the CFA 2017 which, from 31 October 2017, introduces a number of provisions to POCA 2002 dealing with information sharing in the regulated sector and extends POCA 2002, Part 7 (Money Laundering) to make provision for voluntary disclosures, required notifications and joint disclosure reports (so-called ‘superSARs’). These provisions should be read alongside the principal money laundering offences of:

  1. concealing, arranging or acquiring, using or possessing criminal property (see Practice Notes: Money laundering offences—concealing, disguising, converting, transferring and removing, Money laundering offences—acquisition, use and possession and Money laundering offences—the arrangement offence)

  2. failing to disclose a suspicion of money laundering by an individual in the regulated sector, a nominated officer in the regulated sector or by another nominated officer (see Practice Note: Money laundering offences—failure to disclose offences)

  3. tipping off in the regulated sector and prejudicing an investigation that might be conducted following a disclosure made (see Practice Note: Money laundering offences—tipping off and prejudicing an investigation)

The CFA 2017 received royal assent in April 2017. For more information, see Practice Note: Criminal Finances Act 2017—progress through Parliament [Archived].

The provisions governing information sharing in the regulated sector deal with:

  1. the legitimisation