UK

The Proceeds of Crime Act 2002 - Practical issues and advice

Tim Cave and David Scott, Partners, Michael Hartridge Associate, Dispute Resolution Department, Freshfields Bruckhaus Deringer, London

Introduction

When the Proceeds of Crime Act 2002 (POCA) came into force in February 2003 it expanded, reformed and consolidated the previous multitude of money laundering offences in the UK, with the exception of those offences contained in the Terrorism Act 2000. By adding an objective test to the question of suspicion, POCA makes it more likely than under the previous regime that a firm will have to make a disclosure.