C1Part 7Money Laundering

Annotations:
Modifications etc. (not altering text)

Interpretation

I1C1340C1 Interpretation

1

This section applies for the purposes of this Part.

2

Criminal conduct is conduct which—

a

constitutes an offence in any part of the United Kingdom, or

b

would constitute an offence in any part of the United Kingdom if it occurred there.

3

Property is criminal property if—

a

it constitutes a person’s benefit from criminal conduct or it represents such a benefit (in whole or part and whether directly or indirectly), and

b

the alleged offender knows or suspects that it constitutes or represents such a benefit.

4

It is immaterial—

a

who carried out the conduct;

b

who benefited from it;

c

whether the conduct occurred before or after the passing of this Act.

5

A person benefits from conduct if he obtains property as a result of or in connection with the conduct.

6

If a person obtains a pecuniary advantage as a result of or in connection with conduct, he is to be taken to obtain as a result of or in connection with the conduct a sum of money equal to the value of the pecuniary advantage.

7

References to property or a pecuniary advantage obtained in connection with conduct include references to property or a pecuniary advantage obtained in both that connection and some other.

8

If a person benefits from conduct his benefit is the property obtained as a result of or in connection with the conduct.

9

Property is all property wherever situated and includes—

a

money;

b

all forms of property, real or personal, heritable or moveable;

c

things in action and other intangible or incorporeal property.

10

The following rules apply in relation to property—

a

property is obtained by a person if he obtains an interest in it;

b

references to an interest, in relation to land in England and Wales or Northern Ireland, are to any legal estate or equitable interest or power;

c

references to an interest, in relation to land in Scotland, are to any estate, interest, servitude or other heritable right in or over land, including a heritable security;

d

references to an interest, in relation to property other than land, include references to a right (including a right to possession).

11

Money laundering is an act which—

a

constitutes an offence under section 327, 328 or 329,

C2b

constitutes an attempt, conspiracy or incitement to commit an offence specified in paragraph (a),

c

constitutes aiding, abetting, counselling or procuring the commission of an offence specified in paragraph (a), or

d

would constitute an offence specified in paragraph (a), (b) or (c) if done in the United Kingdom.

12

For the purposes of a disclosure to a nominated officer—

a

references to a person’s employer include any body, association or organisation (including a voluntary organisation) in connection with whose activities the person exercises a function (whether or not for gain or reward), and

b

references to employment must be construed accordingly.

13

References to a constable include references to a person authorised for the purposes of this Part by F2the Director General of F3SOCA .

F114

“ Deposit-taking body ” means—

a

a business which engages in the activity of accepting deposits, or

b

the National Savings Bank.