Introduction to POCA
The Proceeds of Crime Act 2002 (POCA) came into force following a period of reform, spearheaded by Tony Blair in 2000. POCA itself is a vast and highly complex piece of legislation that covers not only the money laundering offences, but also the National Crime Agency (NCA)/police’s powers of confiscation, civil recovery, investigation and assistance to foreign authorities.
Offences under POCA
POCA contains both general money laundering offences and specific offences of failing to report money laundering in the “regulated” sector.
The regulated sector, as defined by POCA, does not mean simply persons subject to oversight by a regulator. The definition encompasses a range of business activities, generally where persons are handling money on behalf of others. Examples of those who are in the regulated sector for the purpose of POCA are banks and other financial institutions, certain insurance companies and intermediaries, tax advisers, estate agents and accountants/legal advisers, in certain circumstances.