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The Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003
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- UK Statutory Instruments
- 2003 No. 171
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order specifies training for the purposes of section 330 of the Proceeds of Crime Act 2002. If a person has not been provided by his employer with the specified training, he may have a defence to the offence in section 330 of failure to disclose money laundering by a person in the regulated sector. The defence only applies where the employee does not actually know or suspect that another person is engaged in money laundering, but would still commit the offence by virtue of having reasonable grounds for knowing or suspecting that another person is engaged in money laundering.
The training specified is the training required to be provided under regulation 5(1)(c) of the Money Laundering Regulations 1993. Regulation 5(1)(c) requires that a person carrying out relevant financial business must provide employees whose duties include the handling of relevant financial business with training from time to time in the recognition and handling of transactions carried out by, or on behalf of, any person who is, or appears to be, engaged in money laundering. Relevant financial business is defined in regulation 4 of the Money Laundering Regulations 1993.
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