Commentary

A7.104 Failure to disclose—regulated sector

Administration and compliance

A7.104 Failure to disclose—regulated sector

A7.104 Failure to disclose—regulated sector

A person also commits an offence where:

  1.  

    (a)     he knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in money laundering (see A7.102)

  2.  

    (b)     the information or other matter on which his knowledge or suspicion is based, or which give reasonable grounds for such knowledge or suspicion, came to him in the course of a business in the regulated sector (see below)

  3.  

    (c)     he can identify the other person mentioned in (a) or the whereabouts of any of the laundered property, or he believes (or it is reasonable to expect him to believe) that the information or other matter mentioned in subsection (b) will or may assist in identifying that other person or the whereabouts of any of the laundered property, and

  4.  

    (d)     he does not make the required disclosure as soon as is practicable after the information or other matter comes to him1

Note that the notification of information sharing by regulated sector businesses to the National Crime Agency satisfies the reporting requirements, see A7.1092

The disclosure is required to be made3:

  1.  

    •     to a nominated officer (ie the firm's MLRO; see A7.120) or a person authorised by the Director General of the National Crime Agency, and

  2.  

    •     in the form and manner (if any) prescribed by the Secretary of State4

The required disclosure is a disclosure of:

  1.  

    •     the identity of the other person mentioned in (a) above, if he knows it

  2.  

    •     the whereabouts of the laundered property,

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