Part VI Providing and Obtaining Assistance, A Providing Assistance, 19 Investigations and Remedies under POCA 2002

Subject(s):

Criminal proceedings — Money laundering — Market abuse — International financial system — Monetary system

This chapter considers the means by which financial institutions are most frequently required to provide assistance in the investigation and enforcement process under the Proceeds of Crime Act 2002 (POCA 2002). The powers created under Part 8 of POCA 2002 are very broad and, from a bank’s perspective, some have greater relevance than others. Whilst the technical aspects of orders under Part 8 are considered in some depth in this chapter, many other sources dissect the relevant sections of the Act in greater detail or analyse the wider implications of all aspects of the POCA regime. The purpose of this chapter is to provide insights into the practical application of the legislation within a particular commercial sector. This chapter therefore considers those parts of POCA 2002 which present the greatest challenges for banks and seeks to highlight certain themes and principles which have emerged following its enactment.