Large cash payments

Question 1

Money laundering

Answer 1

Money laundering is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin, so that they can be retained permanently or recycled into further criminal enterprises.

Question 2

Proceeds of Crime Act 2002

Answer 2

The Proceeds of Crime Act 2002 does not distinguish between drug trafficking and other crimes, and the idea of a ‘de minimis’ principle (an amount too small to raise suspicion) is abolished).

Question 3

Three sections - s327, s328, s329

Answer 3

Three sections :

S327 – Concealing, s328 – Arranging and s239 - Acquisition/use

Question 4

Sentences

Answer 4

Maximum sentence for Money Laundering offences is 14 years in jail and/or an unlimited fine. (s334)

For failing to disclose maximum sentence is 5 years in jail

For Tipping Off maximum sentence is 2 years in jail.

Offence for the company not to report suspicions.