Woodfi nes Solicitors
Money laundering reporting – does the buck stop with you?
For those of you who have watched the popular Netfl ix programme Ozark, hearing the term ‘money laundering’ may conjure images of bundles of dirty cash being put through a washer/dryer to clean it with the aim of making it appear that it has come from a legitimate source. However, those in the regulated sector (for example, banking, accountancy, or those off ering legal or fi nancial services) will be all too aware of the diffi culties and pressures they face in identifying and combating money laundering to ensure compliance with the obligations created by the governing legislation, i.e. the Proceeds of Crime Act (POCA) 2002 and the possible criminal sanctions that may follow if they fail to discharge them. One such example is through Section 330 of the 2002 Act, which
governs the treatment of individuals working within the regulated sector who fail to disclose suspected money laundering to a nominated offi cer (who may also be known as a money laundering reporting offi cer) or the National Crime Agency. So, it is interesting to note that the Crown Prosecution Service
(CPS) has published updated guidance on how it prosecutes ‘standalone failure to disclose’ cases of known or suspected money laundering, under Section 330 of the 2002 Act.
Nathan Taylor-Allkins Woodfi nes Solicitors
So, what’s new? T e new guidance off ers a further incentive for professionals to report knowledge or suspicions of money laundering to the relevant authority. Now, an individual can be prosecuted under
Section 330 whether or not an off ence of money laundering has actually been proven to have taken place. T is creates an obligation for any individual
who receives information leading them to suspect a money laundering off ence to report it, irrespective of whether or not there is suffi cient evidence to substantiate it.
What does this mean for the future? It is unclear why the CPS has decided to update its guidance on this point, given that prosecutions under Section 330 have, at least up until now, been exceedingly rare. T ose working in the regulated sector already
tend to report suspicions to a nominated offi cer without substantive evidence of an offence. It is perhaps thought that the update indicates an increased appetite on the CPS’s part to take action against those who facilitate or enable criminal activity, but we will have to watch this space with interest.
For more information on suspected money laundering off ences or for any other criminal or regulatory matters, contact the Woodfi nes Solicitors team on 0344 967 2505
ALL THINGS BUSINESS
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