Anti -Money Laundering Policy June 2021

A person commits an offence if they conceal, disguise, convert or transfer criminal property or if they remove criminal property from England, Wales, Scotland or Northern Ireland.

This is punishable by a maximum term of imprisonment of 14 years at the Crown Court and an unlimited fine.

At the Magistrates Court it is 6 months and £5,000 fine.

This offence is committed by anyone that has criminal proceeds in their possession provided they know or suspect that it represents the proceeds of a crime unless they paid 'adequate consideration' for it.

Someone who pays less than the open market value is therefore guilty of the offence but someone who pays the
full retail price, despite knowing or suspecting they are stolen goods is not guilty.

The punishment is as for S327.

This offence is committed by anyone that has criminal proceeds in their possession provided they know or suspect that it represents the proceeds of a crime unless they paid 'adequate consideration' for it.

Someone who pays less than the open market value is therefore guilty of the offence but someone who pays the
full retail price, despite knowing or suspecting they are stolen goods is not guilty.

The punishment is as for S327.

This offence is committed by an employee of a business in the regulated sector who has knowledge or suspicion of another person's involvement in money laundering and does not make a report through the appropriate channels.

Negligence is not a defence as the employee will be tried upon what they should have known given their experience, knowledge and training.

This is punishable by a maximum term of imprisonment of 5 years and/or a fine.

This offence is committed by a nominated officer (MLRO) of a business in the regulated sector who has knowledge or suspicion of another person's involvement in money laundering and does not make a report through the appropriate channels without an acceptable excuse under the legislation.

Negligence is not a defence as the nominated officer will be tried upon what they should have known given their experience, knowledge and training.

This is punishable by a maximum term of imprisonment of 5 years and/or a fine.

This offence is committed by a nominated officer (MLRO) of a business outside of the regulated sector who has knowledge or suspicion of another person's involvement in money laundering and does not make a report through the appropriate channels without an acceptable excuse under the legislation. The officer will be tried on what they knew or suspected not on what they might have been expected to know or suspect.

This is punishable by a maximum term of imprisonment of 5 years and/or a fine.

This offence is committed if an officer or Member makes a disclosure which is likely to prejudice an investigation being carried out by a law enforcing authority, knowing that such an investigation is in motion.

This is punishable by a maximum term of imprisonment of 5 years and/or a fine.

A person commits an offence if they have not followed any relevant guidance issued by the European Supervisory Authorities, Financial Conduct Authority or any other relevant supervisory authority approved by the Treasury.

This is punishable by a maximum term of imprisonment of 2 years at the Crown Court, a fine, or both. At the Magistrates Court a term of three months, a fine, or both.

This offence is committed when a person who knows or suspects that an appropriate officer is acting (or proposing to act) in connection with an investigation into potential contravention of a relevant requirement which is being or is about to be conducted. The offence is committed if either they make a disclosure which is likely to prejudice the investigation or they falsely, conceal, destroy or otherwise dispose of, or cause to permit the falsification, concealment, destruction or disposal of, documents which are relevant to the investigation.

The punishment is as for Reg. 86 above.

There are two separate offences under regulation 88.

Under regulation 88(1) a person commits an offence if:

1. In purported compliance with a requirement imposed on him by or under the MLR 2017, provides information which is false or misleading in a material particular and knows that the information is false or misleading; or

2. Is reckless as to whether the information is false or misleading.

In respect of both offences, the punishment is the same as Regs 86 and 87 above.