Developments in criminal liability and the Proceeds of Crime Bill

The new money laundering offences contained in Part VII of the Proceeds of Crime Bill have implications that are much wider and more onerous for the regulated community than was first thought, argues David Corker of Corker Binning Solicitors.

David Corker can be contacted on tel: +44 (0) 20 7353 6007; email: dc@corkerbinning.co.uk (David would like to acknowledge the contribution of Danny Friedman, barrister of Matrix Chambers to this article).

Background

Recent years have witnessed a growing number of money laundering scandals involving major banks and “offshore” jurisdictions. Abacha is the most recent UK scandal where the relevant banks were fortunate to escape sanction.