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 practice 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?
  • Condition 1
  • Condition 2
  • Condition 3
  • Condition 4
  • What is a disclosure request?
  • What are required notifications?
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for corporate crime?

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

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