Belief in the new section 330

Does introduction into the Proceeds of Crime Act 2002 of reasonable expectation of belief that a suspicious activity report will lead to identification of a money launderer or the whereabouts of criminal property alter the objective test? Jonathan Fisher QC considers .

With effect from the 1 July 2005, section 330 of the Proceeds of Crime Act 2002 (POCA) was amended to provide that a financial disclosure report need not be made in circumstances where a person working in the UK regulated sector is unable to shed light on the identity of the person whom he suspects to be engaged in money laundering or the whereabouts of the laundered property. The change was made by section 104 of the Serious Organised Crime and Police Act 2005 (SOCPA), implemented by the Serious Organised Crime and Police Act 2005 (Commencement No 1,Transitional and Transitory Provisions) Order 2005, SI 2005/1521.