- Chapter 7 PoCA 2002 details the offences of the reporting regime
It creates on the 3 predicate Money Laundering offences applying to all, S327, S328 & S329.
- All crimes are covered, tax evasion has no special status.
- There is no ‘de-minimus’ limit on these offences, a £10 crime is just as important as a £10,000 crime.
- You are obligated to make an internal suspicion report to your nominate officer (MLRO).
- Obligation to report ‘suspicious activity’ in the regulated sector, breaching client confidentiality by a compulsion of law (for the MLRO) by making a disclosure (SAR).
- It details requirements to report to the UK financial intelligence unit which is the ‘Serious Organised Crime Agency’ (SOCA) .
- It creates the offence of failing to report by an employee in the regulated sector S330.
- S331 creates the offence of a failure to report by the nominated officer.
- Permission to proceed may be required under the consent provisions.
- The offence of ‘tipping off’ is created, once a disclosure is made.
Section 6: Self assessment. This section should give you the opportunity to grasp the money laundering offences under the Proceeds of Crime Act.
- Do you know what information to put into a SAR?
- Do you understand the concept of consent?
- Do you understand tipping off?