Extract
The Proceeds Of Crime Act 2002.
Executive summary
The Proceeds of Crime Act 2002 (POCA), which came into force in February 2003, increases the likelihood of firms having to make a disclosure. But when doing so, they may be caught between their obligation not to divulge details of the disclosure to their client, and their contractual obligations to the client. This briefing looks at the practical issues POCA raises regarding those obligations and offers some practical advice if a disclosure is necessary. When the Proceeds of Crime Act 2002 (POCA) came into force in February 2003 it expanded, reformed and consolidated the previous multitude of money laundering offences in the UK (with the exception of those offences contained in the Terrorism Act 2000). By adding a...See the full content of this document
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