Crime and its proceeds do not pay

Earlier this year, a host of professionals - including legal advisers, auditors and estate agents - were brought into the 'regulated sector' for the purposes of the Proceeds of Crime Act 2002. They face stringent requirements to report any transactions that may involve proceeds of crime to the National Criminal Intelligence Service

Many in the regulated sector have expressed concern at becoming 'spies' for the taxman and the conflict between the requirement to report and client confidentiality/data protection. Those currently outside the regulations may be heaving a sigh of relief that they need not give money laundering a second thought. But the Proceeds of Crime Act 2002 affects everyone and, while general insurance brokers currently enjoy non-regulated status, they cannot be complacent.

POCA applies to the proceeds of