In 2017, the Law Commission agreed with the Home Office to review and make proposals for reform of limited aspects of the anti-money laundering regime in Part 7 of the Proceeds of Crime Act 2002 and of the counter-terrorism financing regime in Part 3 of the Terrorism Act 2000. This followed a discussion of ideas for inclusion in the Law Commission’s 13th Programme of Reform. The primary purpose of the review is to improve the prevention, detection and prosecution of money laundering and terrorism financing in the United-Kingdom.
The review will cover the reporting of suspicious activity in order to seek a defence against money laundering or terrorist financing offences in relation to both regimes. Specifically, the review will focus on the consent provisions in sections 327 to 329 and sections 335, 336 and 338 of the Proceeds of Crime Act 2002, and in sections 21 to 21ZC of the Terrorism Act 2000.
The review will also consider the interaction of the consent provisions with the disclosure offences in sections 330 to 333A of the Proceeds of Crime Act 2002 and sections 19, 21A and 21D of the Terrorism Act 2000.