Proceeds of Crime Act 2002
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The Proceeds of Crime Act 2002 is an Act of the Parliament of the UK that provides a legal framework for tackling money laundering and confiscating the proceeds of crime. It came into force on March 24, 2003.
Prevent money laundering: The Act establishes measures to prevent the laundering of proceeds from criminal activities, such as drug trafficking, fraud, and organised crime. It places obligations on individuals and businesses, including financial institutions, to implement anti-money laundering procedures and report suspicious activities to the authorities.
Recover criminal proceeds: The Act provides law enforcement agencies with powers to trace, freeze, and seize assets that are believed to be the proceeds of crime. These assets can include money, property, and other valuable items. The Act empowers law enforcement authorities to apply for confiscation orders and civil recovery orders to recover the proceeds derived from criminal activities.
Disrupt criminal activities: The Act contains provisions to disrupt ongoing criminal activities by targeting the assets and financial resources of individuals and organisations involved in criminal conduct. It enables law enforcement agencies to obtain restraint orders, which prevent individuals from disposing of or dealing with their assets during a criminal investigation.
Promote international cooperation: The Act facilitates international cooperation in the fight against money laundering and the recovery of criminal proceeds. It provides mechanisms for the exchange of information and mutual legal assistance between the UK and other countries.
The Act also introduced the concept of money laundering offences and expanded the range of activities considered as money laundering. It established the Asset Recovery Agency (now the National Crime Agency) to lead the asset recovery efforts in the UK.
Under the Proceeds of Crime Act 2002, individuals convicted of money laundering offences can face imprisonment, fines, and confiscation of assets. The Act has been amended over the years to enhance its effectiveness in combating financial crime and keeping pace with evolving money laundering techniques and international standards.
Prevent money laundering: The Act establishes measures to prevent the laundering of proceeds from criminal activities, such as drug trafficking, fraud, and organised crime. It places obligations on individuals and businesses, including financial institutions, to implement anti-money laundering procedures and report suspicious activities to the authorities.
Recover criminal proceeds: The Act provides law enforcement agencies with powers to trace, freeze, and seize assets that are believed to be the proceeds of crime. These assets can include money, property, and other valuable items. The Act empowers law enforcement authorities to apply for confiscation orders and civil recovery orders to recover the proceeds derived from criminal activities.
Disrupt criminal activities: The Act contains provisions to disrupt ongoing criminal activities by targeting the assets and financial resources of individuals and organisations involved in criminal conduct. It enables law enforcement agencies to obtain restraint orders, which prevent individuals from disposing of or dealing with their assets during a criminal investigation.
Promote international cooperation: The Act facilitates international cooperation in the fight against money laundering and the recovery of criminal proceeds. It provides mechanisms for the exchange of information and mutual legal assistance between the UK and other countries.
The Act also introduced the concept of money laundering offences and expanded the range of activities considered as money laundering. It established the Asset Recovery Agency (now the National Crime Agency) to lead the asset recovery efforts in the UK.
Under the Proceeds of Crime Act 2002, individuals convicted of money laundering offences can face imprisonment, fines, and confiscation of assets. The Act has been amended over the years to enhance its effectiveness in combating financial crime and keeping pace with evolving money laundering techniques and international standards.
