Overseas Offences

 

Originally the legislation required that a report be made even if the acts which produced the proceeds took place in a country overseas and those acts would have been a criminal offence had they taken place in the UK.

 

Under amendments to the Proceeds of Crime Act 2002 made in 2006, a new defence to the money laundering offences in that Act was introduced. Subject to certain exceptions, the defence applies where:-

 

    • A person knows or believes on reasonable grounds that the acts which produced the proceeds took place in a particular county overseas and the acts were lawful in that country and

 

    • The act generating the proceeds would not be punishable in the UK by a maximum sentence of more than 12 months’ imprisonment.

 

 

 

 

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