The government has dropped plans to axe a statutory defence for solicitors who report suspected money laundering or other suspicious activities.
Under the Proceeds of Crime Act 2002, regulated persons or businesses are required to report suspicious activity. The “consent” defence protects the “reporter” from committing a money laundering offence provided they first gain consent from the UK Financial Intelligence Unit to conduct an activity that they fear may be suspicious.
In April, the government proposed removing the defence as part of its action plan on anti-money laundering and counter-terrorist finance, now included in the Criminal Finances Bill, introduced in Parliament by the Home Secretary this month. However, the defence will now remain.
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