Part 2Investigations, prosecutions, proceedings and proceeds of crime

Chapter 6Proceeds of crime

I1106Money laundering: miscellaneous amendments

1

In the Proceeds of Crime Act 2002, Part 7 (money laundering) is amended as follows.

2

In section 330 (regulated sector: failure to disclose), after subsection (9) insert—

9A

But a disclosure which satisfies paragraphs (a) and (b) of subsection (9) is not to be taken as a disclosure to a nominated officer if the person making the disclosure—

a

is a professional legal adviser,

b

makes it for the purpose of obtaining advice about making a disclosure under this section, and

c

does not intend it to be a disclosure under this section.

3

In section 337(5)(a) (disclosure to person nominated to receive disclosures under section 337), after “disclosures under” insert “ section 330 or ”.

4

In section 338(1)(c) (first or second condition must be satisfied for disclosure to be authorised), for “or second” substitute “ , second or third ”.

5

In section 338 (authorised disclosures), after subsection (2) insert—

2A

The second condition is that—

a

the disclosure is made while the alleged offender is doing the prohibited act,

b

he began to do the act at a time when, because he did not then know or suspect that the property constituted or represented a person's benefit from criminal conduct, the act was not a prohibited act, and

c

the disclosure is made on his own initiative and as soon as is practicable after he first knows or suspects that the property constitutes or represents a person's benefit from criminal conduct.

6

In section 338(3) (the second condition), for “second” substitute “ third ”.