We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. Close

CHAPTER 1 Extending the SAR moratorium period

Criminal Finances Act 2017

Page 5


Extending the SAR moratorium period


1.1 The most significant change to the anti-money laundering regime made by the Criminal Finances Act 2017 relates to an extension of the moratorium period. Sections 327(1), 328(1) and 329(1) of the Proceeds of Crime Act 2002 establish the principal money laundering criminal offences that are committed where a person handles criminal property or becomes concerned in facilitating another person’s handling of criminal property. The handling of the property or becoming concerned in facilitating another person’s handling of the criminal property, is known as ‘the prohibited act’. If a prohibited act is committed a person becomes liable to a maximum period of 14 years’ imprisonment. However, in respect of each of the three principal offences, there is a statutory exemption in sections 327(2)(a), 328(2)(a) and 329(2)(a) where a person ‘makes an authorised disclosure under section 338 and (if the disclosure is made before he does the [prohibited] act mentioned in subsection (1)) he has the appropriate consent’.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, please enter your details below to log in.

Enter your email address to log in as a user on your corporate account.
Remember me on this computer

Not yet an i-law subscriber?


Request a trial Find out more