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ARTICLE · 29 MAY 2015

Civil Liability Protection For Those Making Suspicious Activity Reports (SARs)

Reed Smith (Worldwide)
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From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law.

United KingdomGovernment, Public Sector
Matthew Stone
Matthew Stone
Eoin O'Shea
Eoin O'Shea
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From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law.

The Proceeds of Crime Act 2002 (POCA) criminalises money-laundering in the UK. A regulated business, or a person working in such a business, commits an offence if they merely know or suspect, or have reasonable grounds for knowing or suspecting, that another person is engaged in money laundering, and they fail to make a disclosure1. This is a higher standard than that imposed on un-regulated persons, who have to have some direct involvement in the money-laundering before they can be liable2.

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