Part 7

Money Laundering

Offences

Acquisition, use and possession
329
1
A person commits an offence if he—
a
acquires criminal property;
b
uses criminal property;
c
has possession of criminal property.
2
But a person does not commit such an offence if—
a
he makes an authorised disclosure under section 338 and (if the disclosure is made before he does the act mentioned in subsection (1)) he has the appropriate consent;
b
he intended to make such a disclosure but had a reasonable excuse for not doing so;
c
he acquired or used or had possession of the property for adequate consideration;
d
the act he does is done in carrying out a function he has relating to the enforcement of any provision of this Act or of any other enactment relating to criminal conduct or benefit from criminal conduct.
3
For the purposes of this section—
a
a person acquires property for inadequate consideration if the value of the consideration is significantly less than the value of the property;
b
a person uses or has possession of property for inadequate consideration if the value of the consideration is significantly less than the value of the use or possession;
c
the provision by a person of goods or services which he knows or suspects may help another to carry out criminal conduct is not consideration.