What is the UK Proceeds of Crime Act 2002?
There are five PoCA offences:<br/><br/>
1) Concealing or Transferring<br/><br/>
Where you conceal, disguise, convert or transfer (a.k.a. Layering) the proceeds of illegal activities. (Unlimited fine or prison sentence of up to 14 yrs).<br/><br/>
You know or suspect you are involved in an arrangement which facilitates the acquisition, retention, use or control of criminal proceeds / property. You can also commit this offence by advising on how to avoid prosecution! Again, unlimited fine and jail time up to 14 yrs.<br/><br/>
3) Acquisition , use and possession<br/><br/>
Acquiring , using or possessing criminal property. See the potential punishments above. If you can prove that the offence is unwitting i.e. possession was provided against an 'adequate consideration' i.e. fair market-value, then you may have an excuse.<br/><br/>
4) Failure to dispose<br/><br/>
Where you should have known or realised that Money Laundering was occurring and you didn't... Offers five years in Sing-Sing and / or a potentially unlimited fine!<br/><br/>
5) Tipping Off<br/><br/>
Where you know or suspect that an offence has occurred and you either wittingly OR unwittingly share information that prejudice the investigation. Sharing information right include suspending or closing the account! Penalties are a potentially unlimited fine and up to 2 years in prison.