Part 7

Money Laundering

Offences

Failure to disclose: nominated officers in the regulated sector
331
1
A person nominated to receive disclosures under section 330 commits an offence if the conditions in subsections (2) to (4) are satisfied.
2
The first condition is that he—
a
knows or suspects, or
b
has reasonable grounds for knowing or suspecting,
that another person is engaged in money laundering.
3
The second condition is that the information or other matter—
a
on which his knowledge or suspicion is based, or
b
which gives reasonable grounds for such knowledge or suspicion,
came to him in consequence of a disclosure made under section 330.
4
The third condition is that he does not make the required disclosure as soon as is practicable after the information or other matter comes to him.
5
The required disclosure is a disclosure of the information or other matter—
a
to a person authorised for the purposes of this Part by the Director General of the National Criminal Intelligence Service;
b
in the form and manner (if any) prescribed for the purposes of this subsection by order under section 339.
6
But a person does not commit an offence under this section if he has a reasonable excuse for not disclosing the information or other matter.
7
In deciding whether a person committed an offence under this section the court must consider whether he followed any relevant guidance which was at the time concerned—
a
issued by a supervisory authority or any other appropriate body,
b
approved by the Treasury, and
c
published in a manner it approved as appropriate in its opinion to bring the guidance to the attention of persons likely to be affected by it.
8
Schedule 9 has effect for the purpose of determining what is a supervisory authority.
9
An appropriate body is a body which regulates or is representative of a trade, profession, business or employment.