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What offences fall under the Proceeds of Crime Act 2002?
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.