The penalty for Terrorism Act offences can be a maximum of 14 years’ custody and/or a fine.
Defences against prosecution may be based on the following:
It is possible to make a disclosure if you are already involved in a transaction or arrangement involving terrorist financing so long as there is a reasonable excuse for failure to make a disclosure in advance. However reporting in advance is preferable.
Having a reasonable excuse for failure to disclose: there is also a defence if you intended to make a disclosure but have a reasonable excuse for failing to do so.