The Proceeds of Crime (Money Laundering) (Threshold Amount) Order 2022 increases the threshold amount for criminal property below which a bank etc can carry out a transaction, in operating an account for a customer, without committing one of the main money laundering offences in sections 327 to 329 of POCA.  The change is intended to free up law enforcement resource to focus on opportunities that lead to asset seizure and deliver cost savings to the regulated sector, as well as to reduce the increasing volume of Defence Against Money Laundering (DAML) reports.  The £250 threshold has been unchanged since its introduction in 2005 and was set at £250 to allow living expenses.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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