Module Recap

• The Proceeds of Crime Act 2002 (POCA) became law in January 2003. The legal position for money laundering activities is now primarily governed by this Act.
• The main types of offence under the Proceeds of Crime Act 2002 are laundering or assisting someone else in laundering the proceeds of crime.
• The Proceeds of Crime Act does not just consider cash. It is concerned with the goods or services that are obtained through organised crime as well as any currency itself.
• Rules exist which require firms to have anti-money laundering procedures in place and to carry out appropriate training.
• The Terrorism Act 2000 rules against financial terrorism, including reducing the threat, disrupting terrorist financing and safeguarding against terrorists using the financial system.
• Therefore, it is an offence to prejudice an investigation by tipping off the suspect, or anyone else, that a suspicion has been reported (either to the police or an internal referral point), or that an investigation is or will be carried out.