POCA is the UK’s primary money laundering legislation.
Chapter 7 sets aout the predicate offences of money laundering applicable to all, S327 Conceals, S328 Arrangement and S329 and Aquires.
Chapter 7 is also the area that concerns the professional in the regulated sector. It places a responsability on all employees in the regulated sector to report suspicious activity when they have “reasonable grounds to suspect” that money laundering is taking place. The responsability for compliance is placed upon the individual, not a firm. S330 is the offence of failing to report.
There is no de-minimus limit on the perceived value of the crime to be reported. A £10 proceed is to be treated the same as a £10,000 proceeed. Tax evasion is given no special status as a crime and is to be treated the same as any other type of crime.