Proceeds of Crime Act 2002

Summary

Comprehensive UK asset recovery statute establishing civil recovery, confiscation on conviction, money laundering offences, and the National Crime Agency's asset recovery powers. Applies to proceeds of all criminal conduct including terrorism financing. Financial institutions must file Suspicious Activity Reports (SARs) in relation to funds suspected of terrorism links.

Relevance to the diaspora

Tamil diaspora remittances to Sri Lanka, even for humanitarian or reconstruction purposes, may be frozen or seized where there is suspicion of any connection to proscribed organisations; hawala and informal transfer networks used by the community face particular scrutiny.

Key provisions

• Part 2 — confiscation orders on conviction
• Part 5 — civil recovery of proceeds of unlawful conduct without conviction
• s.327–329 — money laundering offences
• s.330–332 — failure to disclose (SAR obligations)
• s.340 — definition of criminal conduct (all-crimes)

Primary source

Related entries

• → Terrorism Act 2000 (UK)
• → Criminal Finances Act 2017 / Unexplained Wealth Orders (UK)