Question A client has instructed their financial service professional (e.g. solicitor) to purchase a property in Edinburgh which is to be funded partly by a building society mortgage, with the balance being provided by their parents who live in China. The client’s parents are insisting on sending the funds for the balance directly to me, […]

An amendment to the Criminal Finances Bill (the Bill) WILL amend the Proceeds of Crime Act 2002 (POCA) to allow the High Court to make orders designating the conduct of a person – wherever it occurs – as connected to a gross human rights abuse, and to set prohibitions on that person’s ability to deal […]

Money laundering and terrorist financing The Proceeds of Crime Act 2002 requires you to submit a Suspicious Activity Report to the National Crime Agency if you know or suspect that a person is engaged in, or attempting, money laundering. The Money Laundering Regulations 2007 apply to banks, building societies, credit unions. They also apply to […]

Bribery Act 2010 – FIRST SETTLEMENT OF THE CRIMINAL OFFENCE OF FAILURE TO PREVENT BRIBERY Introduction and key facts The Scottish Crown Office and Procurator Fiscal Service announced on 25 September 2015 the first disposal of an offence under section 7 of the Bribery Act 2010. Section 7 was a new offence introduced under the […]

From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law. The Proceeds of Crime Act 2002 (POCA) criminalises money-laundering in the UK. A regulated business, or a person working in such a business, commits an […]

In the first prosecution of its kind in Jersey, the Royal Court has acquitted Michelle Jardine (represented by Advocate Nuno Santos-Costa) and STM Fiduciaire Limited (“STM”) (represented by Advocate David Steenson) of charges under the Proceeds of Crime (Jersey) Law 1999 (POCA).  Lasting for four days, the result of this trial should give a measure […]

From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law. The Proceeds of Crime Act 2002 (POCA) criminalises money-laundering in the UK. A regulated business, or a person working in such a business, commits an […]

Introduction On 22 April the Supreme Court handed down its judgment in the case of R v GH [2015] UKSC 24. The Supreme Court was addressing the offence of entering into, or becoming concerned in, an arrangement which facilitates the acquisition, retention, use or control of criminal property for, or on behalf of, another person […]