The Proceeds of Crime Act 2002 (POCA) sets out a number of offences, all of which can result in a prison sentence or a fine. These comprise:
In this Topic, we will review each of the different types of offences under POCA, as well as those under the Terrorism Act 2000.
Principal money laundering offences
It is a criminal offence to
These offences are punishable by up to 14 years’ imprisonment and apply to everybody, not just those executing financial transactions, but also those working in law firms, banks or accountancy practices and other Financial Services organisations.
People working in these professions need to take special care so they do not leave themselves open to committing a principal money laundering offence.
The Failure to Disclose an offence
It is a criminal offence to fail to report circumstances where:
Failing to report suspicious circumstances includes actual knowledge of money laundering, but also:
The failure to disclose offence carries a maximum sentence of 5 years’ imprisonment.