Regulatory regime

Definitions

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

3. •

   acquiring, using or possessing criminal property

These are known as the principal offences. See Practice Note: Proceeds of Crime Act 2002—key information for law firms.

Under the Terrorism Act 2000 (TA 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, or

4. •

   in any other way

For more information, see Practice Note: Counter-terrorist financing—key information for law firms.

Proliferation