Money Laundering and Tipping Off

238 views 1 pages ~ 247 words Print

Bankers, accountants, auditors, and other professionals might also be liable for the crime of money laundering under the offence of “tipping off”. This offence is committed when an individual subjectively suspects or understands that an authorised or protected disclosure has been remitted and goes ahead to disclose the information to a third party, which is likely to prejudice investigations that might be conducted. Section 333A of the Proceeds of Crime Act (POCA) of 2002 provides that an individual commits the crime of ”tipping off” when she/he suspects that an authorised officer(s) is carrying out an investigation in line with the POCA Act or does suspect that a money laundering report has been made to authorities and discloses the information to a third party who is most likely to interfere with the quality of investigations.

Since a Suspicious Activity Report (SAR) is a piece of information that signals law enforcement agencies that a client’s activity is somewhat suspicious and points to terrorist financing or money laundering, the report forms an important part of investigations and is a valuable document indicating potential criminality. In this light, it is important not to disclose the information to the client since if the information in the SAR is conveyed to the client, it would interfere with investigations. The latter explains why a person found guilty of the offence of ”tipping off” is liable on conviction on indictment to a fine or a maximum prison term of five years or both.

August 18, 2023
Category:

Business Crime Law

Subject area:

Money Laundering

Number of pages

1

Number of words

247

Downloads:

50

Writer #

Rate:

4.7

Expertise Money Laundering
Verified writer

Love the way Robbe works with legal papers. As a Law student, I had to deliver four different case study assignments. If you are in trouble, just get in touch with Robbe, and he will get things fixed for you!

Hire Writer

Use this essay example as a template for assignments, a source of information, and to borrow arguments and ideas for your paper. Remember, it is publicly available to other students and search engines, so direct copying may result in plagiarism.

Eliminate the stress of research and writing!

Hire one of our experts to create a completely original paper even in 3 hours!

Hire a Pro