PART 5Miscellaneous
Money laundering and terrorist financing
I2I1183Money laundering: exemptions for mixed-property transactions
1
The Proceeds of Crime Act 2002 is amended as follows.
2
In section 327 (concealing etc), after subsection (2E) (inserted by section 182) insert—
2F
A person (“P”) who does an act mentioned in paragraph (c), (d) or (e) of subsection (1) does not commit an offence under that subsection if—
a
P is carrying on business in the regulated sector,
b
P does the act in the course of that business, on behalf of a customer or client, in operating an account or accounts maintained with P or in connection with holding any property for the customer or client,
c
at the time of the act, P knows or suspects that part but not all of the funds in the account or accounts, or of the property so held, is criminal property (“the relevant criminal property”),
d
it is not possible, at the time the act takes place, to identify the part of the funds or property that is the relevant criminal property, and
e
the value of the funds in the account or accounts, or of the property so held, is not, as a direct or indirect result of the act, less than the value of the relevant criminal property at the time of the act.
2G
Where subsection (2F) applies—
a
if P does the act in operating an account or accounts, the funds in the account or accounts immediately after the act are assumed to include the relevant criminal property, and
b
if P does the act in connection with holding any property for the customer or client, such of that property as is held by P immediately after the act is assumed to include the relevant criminal property.
3
In section 328 (arrangements), after subsection (7) (inserted by section 182) insert—
8
A person (“P”) who does an act mentioned in subsection (1) does not commit an offence under that subsection if—
a
P is carrying on business in the regulated sector,
b
P does the act in the course of that business, on behalf of a customer or client, in operating an account or accounts maintained with P or in connection with holding any property for the customer or client,
c
at the time of the act, P knows or suspects that part but not all of the funds in the account or accounts, or of the property so held, is criminal property (“the relevant criminal property”),
d
it is not possible, at the time the act takes place, to identify the part of the funds or property that is the relevant criminal property, and
e
the value of the funds in the account or accounts, or of the property so held, is not, as a direct or indirect result of the act, less than the value of the relevant criminal property at the time of the act.
9
Where subsection (8) applies—
a
if P does the act in operating an account or accounts, the funds in the account or accounts immediately after the act are assumed to include the relevant criminal property, and
b
if P does the act in connection with holding any property for the customer or client, such of that property as is held by P immediately after the act is assumed to include the relevant criminal property.
4
In section 329 (acquisition, use and possession), after subsection (2E) (inserted by section 182), insert—
2F
A person (“P”) who does an act mentioned in subsection (1) does not commit an offence under that subsection if—
a
P is carrying on business in the regulated sector,
b
P does the act in the course of that business, on behalf of a customer or client, in operating an account or accounts maintained with P or in connection with holding any property for the customer or client,
c
at the time of the act, P knows or suspects that part but not all of the funds in the account or accounts, or of the property so held, is criminal property (“the relevant criminal property”),
d
it is not possible, at the time the act takes place, to identify the part of the funds or property that is the relevant criminal property, and
e
the value of the funds in the account or accounts, or of the property so held, is not, as a direct or indirect result of the act, less than the value of the relevant criminal property at the time of the act.
2G
Where subsection (2F) applies—
a
if P does the act in operating an account or accounts, the funds in the account or accounts immediately after the act are assumed to include the relevant criminal property, and
b
if P does the act in connection with holding any property for the customer or client, such of that property as is held by P immediately after the act is assumed to include the relevant criminal property.