Commentary

A7.104 Money laundering offences—failure to disclose: regulated sector

Administration and compliance

A7.104 Money laundering offences—failure to disclose: regulated sector

A7.104 Money laundering offences—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

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