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...

UK reporting obligations under POCA/MLRs and the Market Abuse regime: SARs to NCA, consent and tipping off, and FCA suspicious transaction reports

Published by a LexisNexis Financial Services expert

Practice notes

Reporting Money laundering under the Proceeds of Crime Act 2002 (POCA 2002)

The Money Laundering Regulations

Firms within scope of the Money Laundering Regulations 2007, SI 2007/2157 (MLRs) must take measures to detect any behaviour they suspect is connected to money laundering or terrorist financing.

Money laundering is the means by which criminal proceeds are turned into assets that seem to have a lawful source, allowing them to be kept indefinitely or channelled into further criminal ventures.

All organisations covered by the rules must establish proportionate anti‑money laundering Controls.

For more on the MLRs, see Practice Note: The anti‑money laundering regime.

For regulated entities in the UK, the anti‑money laundering framework is driven mainly by the MLRs and by obligations in the Senior Management Arrangements, Systems and Controls Sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook.

HM Treasury is in charge of the MLRs and appoints supervisors to oversee and put their provisions into effect.

Offences under the POCA 2002

The Proceeds of Crime Act 2002 creates a number of criminal money laundering offences...

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Web page updated on 22/05/2026

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