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.
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