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  3. Duties and responsibilities under the Proceeds of Crime Act 2002

Guidance

Duties and responsibilities under the Proceeds of Crime Act 2002

This advice explains how operators can make sure they and their employees comply with their obligations under The Proceeds of Crime Act 2002 (POCA).

Published
13 November 2020

Last updated
25 October 2024 - Changes

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  1. Contents
  2. Part 2 - The advice
  3. 7 - Failing to report (nominated officer)

7 - Failing to report (nominated officer)

POCA creates an offence of failing to report suspicious activity (failure to disclose). Where a person nominated by the operator to receive disclosures (the nominated officer) fails to comply with the obligation to make a report to the NCA as soon as practicable after the information is received, they are open to criminal prosecution (Section 332 (opens in new tab) of POCA).

Warning The criminal sanction under POCA for conviction on indictment is a prison term of up to five years and/or a fine (Section 334 (opens in new tab) of POCA).

For all failure to disclose offences it will be necessary to prove that the nominated officer either:

  • knows the identity of the money launderer or the whereabouts of the laundered property
  • believes the information on which the suspicion was based may assist in identifying the money launderer or the whereabouts of the laundered property.

Operators and nominated officers, therefore, are strongly advised to comply with the reporting requirements imposed on them by POCA.

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After a report has been made
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