The Crown Prosecution Service (CPS) has now reviewed its money laundering legal guidance to make clear that it is possible to charge someone under section 330 (failure to disclose) of the Proceeds of Crime Act 2002 regardless of whether an offence of money laundering has been substantiated.
Below is an extract from the new guidance which can be read in full on their website here.
“It is now possible to charge an individual under section 330 even though there is insufficient evidence to establish that money laundering was planned or has taken place. Section 330 therefore creates an obligation to report suspicions of money laundering to the authorities, regardless of whether money laundering actually takes place. This means that where individuals in the regulated sector receive information giving rise to a suspicion, or provides reasonable grounds for suspecting, that another is engaged in money laundering, an offence is committed by failing to make a report under section 330, regardless of whether it subsequently transpires that the money laundering cannot be proven, or that it did not occur.”