Q&As

What types of offences under the Proceeds of Crime Act 2002 (POCA 2002) should lawyers (who are acting in the 'regulated sector' under POCA 2002) and buyers be aware of in M&A transactions? If any such offence is identified as part of the due diligence process, what action should be taken and can this impact the timing of the transaction?

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Produced in partnership with Julian Henwood of Gowling WLG
Published on LexisPSL on 13/04/2017

The following Corporate Q&A produced in partnership with Julian Henwood of Gowling WLG provides comprehensive and up to date legal information covering:

  • What types of offences under the Proceeds of Crime Act 2002 (POCA 2002) should lawyers (who are acting in the 'regulated sector' under POCA 2002) and buyers be aware of in M&A transactions? If any such offence is identified as part of the due diligence process, what action should be taken and can this impact the timing of the transaction?

Under the Proceeds of Crime Act 2002 (POCA 2002), money laundering is defined as:

  1. concealing, disguising, converting, transferring or removing criminal property out of the jurisdiction

  2. entering into or becoming concerned in an arrangement that facilitates the acquisition, retention, use or control of criminal property, and

  3. acquiring, using or possessing criminal property

Money laundering is further defined in the Terrorism Act 2000. It is an offence to enter into or become concerned in an arrangement that facilitates the retention or control by or on behalf of another person of terrorist property:

  1. by concealment

  2. by removal from the jurisdiction

  3. by transfer to nominees, and

  4. in any other way

There are also offences of failure to disclose suspected money laundering, and of tipping-off and prejudicing an investigation (as well as all of the related offences of counselling, aiding, ab

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