In our article posted to this site entitled ‘Failure to Disclose| Regulated Sector’ we explained the requirement imposed by Section 330 of the Proceeds of Crime Act 2002 (‘POCA’) on anyone working within the ‘regulated sector’ to disclose any knowledge or suspicion of money laundering activity and the potential criminal consequence of failing to do so.

John Veale of Kangs Solicitors now explains how Section 331A of POCA makes it an offence for those working within the ‘regulated sector’ to disclose that a Suspicious Activity Report has been made to the authorities or that there is an ongoing investigation in respect of their client, referred to in POCA as ‘Tipping Off’. 

The team at Kangs Solicitors has vast experience and is highly regarded nationwide for assisting clients facing serious crime allegations of every nature, including those involving fraud and money laundering offences, together with the Restraint and Confiscation Proceedings which frequently accompany them.   

Our team is led by Hamraj Kang who is recognised as a leading expert in the field. He is one of only two solicitors nationally to be ranked as a ‘star individual’ for five consecutive years in the legal directory Chambers & Partners.

Other members of the team are ranked in the Legal 500 and also ranked in Chambers & Partners.

For an initial no obligation discussion, please call our Team at any of our offices detailed below:

The Regulated Sector | Kangs ‘Tipping Off’ Offences Defence Solicitors

The offence created by section 333A of POCA, ‘Tipping Off, applies to the ‘regulated sector’.

Schedule 9 of POCA lists in considerable detail the nature of the businesses and activities which fall within the definition of ‘the regulated sector’.

The Offence | Kangs Fraud Defence Solicitors

Section 333A of POCA states that a person commits an offence if that person:

  • reveals that a disclosure, a Suspicious Activity Report, has been made by them or another person to a constable, an officer of HM Revenue and Customs, a nominated officer or to a National Crime Agency officer and
  • in so doing so is likely to prejudice any investigation that might be conducted following the disclosure and
  • the information on which the disclosure is based came to the person in the course of a business in the regulated sector.

The same Section of the Act also states that a person commits an offence if that person:

  • discloses that an investigation into allegations that an offence under this part of POCA has been committed is being contemplated or is being carried out and
  • the disclosure is likely to prejudice that investigation; and
  • the information on which the disclosure is based came to the person in the course of a business in the regulated sector.

Permitted Disclosures | Kangs Regulated Sector Defence Solicitors

POCA sets out in detail when a disclosure may be made:

  • Section 333B deals with permitted disclosures within an undertaking or group of undertakings.
  • Section 333C deals with permitted disclosures between institutions.
  • section 333D deals with other permitted disclosures.

Penalties Upon Conviction | Kangs Money Laundering Defence Solicitors

A person guilty of an offence under section 333A is liable:

  • before a Magistrates’ Court to imprisonment for a term not exceeding three months, a fine not exceeding level 5 on the standard scale, or both;
  • before a Crown Court to imprisonment for a term not exceeding two years, a fine, or both.

Who Can I Contact for Advice & Help? | Kangs National Fraud Offences Defence Solicitors

If you are subject to any criminal investigation, internal company investigation, investigation by a regulator or professional body in relation to alleged Tipping Off or other alleged money laundering offence, it is essential that you seek expert advice and assistance immediately.

Please do not hesitate to contact the team at Kangs Solicitors through any of the following who will be pleased to speak to you:

Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258171 | 020 7936 6396 | 0121 449 9888

John Veale
jveale@kangssolicitors.co.uk
0161 817 5020  | 020 7936 6396 07989 521 210

Tim Thompson
tthompson@kangssolicitors.co.uk
020 7936 6396 0121 449 9888