ABSTRACT
This chapter looks at the requirements of the Act so far as money laundering is concerned and the relevant money laundering offences. In the event of any action being taken under the Proceeds of Crime Act against a nominated officer the Courts must take into account whether or not he or she has followed any relevant guidance issued by the Joint Money Laundering Steering Group or other similar body which has been approved by HM Treasury. The chapter discusses the reporting requirements imposed by the Act on the ‘regulated sector’. The confusion over what constitutes criminal conduct leads to uncertainty as to what is knowledge or suspicion of money laundering and hence needs to be reported. If the criminal property was cash and the police deposited it at a bank for safe-keeping then the bank holding the account would claim the same defence.
