Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money laundering definition

What does Money laundering mean? money laundering is the process of concealing the proceeds of crime so they appear legitimate, including placement, layering and integration. The term is generic, but in the UK the principal offences are defined in the Proceeds of Crime Act 2002 (ss.327–329), with related reporting and tipping‑off offences and preventive duties under the Money Laundering Regulations 2017 (as amended). In Ireland, offences and compliance obligations arise under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010–2021. Key features include dealing with “criminal property” (acquiring, using, possessing or arranging) and duties in the regulated sector—banks, solicitors, accountants, estate agents and others—to...

Failure to disclose under POCA 2002: ss 330–332 and 336 offences—regulated/unregulated sector duties, MLRO obligations, suspicion thresholds, defences, superSARs, CPS charging approach and sentencing (UK)

Published by a LexisNexis Corporate Crime expert

Practice notes

Failure to disclose offences under the Proceeds of Crime Act 2002

There are four distinct offences relating to non-disclosure under the Proceeds of Crime Act 2002 (POCA 2002):

not reporting to a nominated officer or another authorised person when operating in the regulated sector—a broad application within the regulated sector, not confined to nominated officers
a nominated officer in the regulated sector failing to disclose—a narrow application limited to nominated officers within the regulated sector
a nominated officer in the unregulated sector failing to disclose—a narrow application limited to nominated officers in the unregulated sector
not making a disclosure in the prescribed form—a wide application across both regulated and unregulated sectors, not limited to nominated officers

POCA 2002, sections 330 and 331 together impose a duty on the regulated sector to report suspicions of money laundering to the appropriate authorities (ie the conversion of the proceeds of crime into assets that appear to have a legitimate origin)...

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Jessica Parker

Corker Binning

Jessica Parker is a Partner at Corker Binning, a law firm specialising in financial crime, regulatory and police investigations and litigation.Jessica regularly acts for individuals, financial institutions and companies in investigations and proceedings brought by a wide range of prosecuting bodies. She is ranked for Crime, Financial Crime: Individuals and POCA Work & Asset Forfeiture by Chambers and Partners UK 2019 and is recommended by the Legal 500 2019 in Fraud: White-collar Crime and Professional Discipline. Jessica is also recognised in WWL Thought Leaders - GIR 2019 as a leading practitioner in the areas of Asset Recovery, Business Crime Defence and Investigations.Jessica has particular experience in corruption and tax fraud investigations and prosecutions and investigations originating overseas. She frequently advises clients within the financial services industry and other regulated professionals.In connection with her white collar crime practice, Jessica has extensive experience of money...

Web page updated on 21/05/2026

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