POCA offences

Question 1

Money laundering

Answer 1

• concealing, disguising, converting or transferring criminal property, or removing criminal property from the UK
• entering into an arrangement which knows, suspects, facilitating the acquisition, retention, or control of criminal property by or on behalf of another person
• acquiring, using or possessing criminal property unless the person gave adequate consideration for it

not money laundering if disclosed in two ways

• direct to national crime agency (NCA) in a suspicious activity report (SAR) if sole practitioner, accountant in business or anyone else.
• reported to the money laundering reporting officers (MLRO) in internal report, if they are an accountant working in an accounting firm (the MLRO then reports to the NCA

Maximum sentence 14 years unlimited fine

Question 2

Prejudicing an investigation

Answer 2

Knowing about a money laundering investigation by NCA or police and:

• disclosing information to someone that prejudice the investigation (telling authorities know where assets are hidden)
• falsifying, concealing or destroying documents relevant to the investigation

Maximum penalty 5 years in prison and/or fine

Question 3

Failure to disclose

Answer 3

Failure to disclose can only be committed by professional people who have information obtained in the course of business in the regulated sector AAT licensed members

• failing to disclose internal report
• Failure to send SAR to the NCA.
• have knowledge, suspicion or reasonable grounds for suspicion that money laundering occurring.

AAT licensed members. Maximum penalty 5 years and or fine.

Question 4

Tipping off

Answer 4

• tipping off offences commuted by professional people who have information obtained in course of regulated sector.

It means telling someone that a report has been made about suspicion or knowledge of money laundering allegations and an investigation likely to be carried out. This prejudice investigation.

Prison sentence and fine