In this article
The Proceeds of Crime Act 2002 is a challenging area of criminal law. Therefore, our solicitors have clearly outlined everything you need to know below.
If you’re facing a charge under the Proceeds of Crime Act 2002, make sure you visit our criminal defence page or contact our solicitors as soon as possible on 020 3007 5500.
What is the Proceeds of Crime Act 2002?
Proceeds of crime is the money or assets gained by criminals whilst undertaking criminal activities and money laundering. Authorities, such as The Crown Prosecution Service, have the power to confiscate such assets due to the Proceeds of Crime Act 2002.
The Proceeds of Crime Act 2002 only applies to offences committed on or after the 24th March 2003. Before this date, the law on confiscation of any proceeds of crime was governed by the Criminal Justice Act 1988 and the Drug Trafficking Act 1994.
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What offences fall under the Proceeds of Crime Act 2002?
Concealing
Concealing is where someone knows about or suspects money laundering but aims to cover up its existence. Someone commits this offence if they try to disguise, conceal, convert, transfer or remove any illegal funds that they may have. Examples of these range from moving illegal funds into a gambling account, to purchasing a property with said funds.
This form of offence usually takes place at the placement and layering stage of money laundering. These stages involve integrating illegally sourced funds in a legitimate financial system, such as a bank, and covering up the source of the funds by buying and selling assets and transferring funds between multiple bank accounts.
Arranging
This form of offence involves people who launder money on behalf of others. This offence typically occurs at the layering and integration stage of money laundering. These stages include moving the ‘dirty money’ sourced from illegal activities with legitimate funds to hide the true origin and returning the ‘cleaned’ money to the launderer from a seemingly legitimate source.
Usually, this form of an offence will catch people in financial or credit institutions, such as accountants, who help a criminal launder their money.
Acquisition, use and possession
This form of offence is where someone looks to benefit from money laundering by:
- Aquiring criminal property;
- Using criminal property; or
- Possessing criminal property.
For instance, if a yacht is brought via illegal funds, using it will fall under this offence.
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What is the maximum sentence for an offence under the Proceeds of Crime Act 2002?
The maximum sentence you can receive for a Proceeds of Crime Act offence is 14 years imprisonment. However, the sentence you will receive depends on a combination of factors such as your culpability and the amount of money involved.
Culpability
Culpability is split into three categories, which are:
- Category A – high culpability. This category is for people who play a leading role in criminal activity. For example, they have shown evidence of significant planning, pressure to gain the involvement of others, among others.
- Category B – medium culpability. This category is for people who play a key role in criminal activity. However, they’re not the mastermind.
- Category C – lesser culpability. This category is for people who were forced into playing a part in the criminal activity, but lacked the understanding of the extent of the criminal activity and was not motivated by personal gain.
Money involved
Furthermore, the amount of money involved in criminal activity also plays a part in the sentencing for an offence. The amount of money involved is broken into 6 categories, which are:
| Category | Amount |
|---|---|
| 1 | £10 million or more |
| 2 | £2 million to £10 million |
| 3 | £500,000 to £2 million |
| 4 | £100,000 to £500,000 |
| 5 | £10,000 to £100,000 |
| 6 | less than £10,000 |
What if you fail to disclose information?
Suppose a person knows or suspects or has reasonable grounds for knowing or suspecting that someone is money laundering and fails to report it. In that case, they can also face punishment under the Proceeds of Crime Act 2002. A person is committing an offence if they meet all the following requirements:
Know or suspect or has reasonable grounds for knowing or suspecting that another person is engaged in money laundering.
Can identify a person or the location of the laundered property or believes, or has a reasonable belief that the information they have will identify a person or location of any laundered property.
Fail to disclose the information to a nominated officer. A nominated officer is a person who’s put forward to receive suspicious activity reports.
Failure to disclose under the Proceeds of Crime Act 2002 can bring a maximum sentence of 5 years imprisonment.
How can Britton and Time Solicitors help?
If you’re facing a charge for an offence under the Proceeds of Crime Act 2002, you may be facing a prison sentence. Therefore, it’s essential to ensure that you handle the situation correctly by instructing a criminal defence solicitor as soon as possible. When it comes to your case, our solicitors can provide the following:
- Representation during police questioning
- Advice on taking a plea
- Application for bail, where necessary
- Preparation for trial
- Representation in the magistrates’ court and the Crown Court
- Assistance on making appeals, where necessary
To organise your initial consultation, please call our solicitors on 020 3007 5500.
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