What UK Proceeds of Crime Act 2002 Section 329 - Acquisition Use and Possession of Criminal Property (Adequate Consideration Defence, Authorised Disclosure) requires
Section 329 of the Proceeds of Crime Act 2002 (c. 29) is the third of the three principal UK money laundering offences and operates as the catch-all for prosecuting acquisition, use, or possession of criminal property where sections 327 (concealing) and 328 (arrangements) do not apply. Under section 329(1), a person commits an offence if he (a) acquires criminal property, (b) uses criminal property, or (c) has possession of criminal property. The signature defence under section 329(2)(c) is 'adequate consideration' - a person does not commit the offence if he acquired or used or had possession of the property for adequate consideration. Under section 329(3), consideration is inadequate if its value is significantly less than the value of the property, or its use or possession - the test is the bona fide arm's-length value standard. Other defences mirror sections 327/328: authorised disclosure with appropriate consent under section 338, reasonable excuse for non-disclosure, conduct in enforcement of POCA, overseas-conduct exemption, deposit-taking threshold exemption, regulated-sector termination exemption, and regulated-business mixed-funds exemption. Maximum penalty under section 334 is 14 years on indictment and/or unlimited fine.
Pillar: Financial Crime, AML & Sanctions · Authority: Parliament of the United Kingdom · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2002/29/section/329
SHA-256 integrity: 380b094b20eacb1edd2fbe9fbb7b45e1ffdb09b5347a42ad30f670b8e24d5f2b
Primary Citations — 7 traced to source
- Proceeds of Crime Act 2002 (c. 29) Section 329 (Acquisition, use and possession) subsection (1): 'A person commits an offence if he (a) acquires criminal property; (b) uses criminal property; (c) has possession of criminal property.' Published at legislation.gov.uk/ukpga/2002/29/section/329.
- POCA 2002 Section 329(2)(c): the adequate consideration defence - a person does not commit a section 329 offence if 'he acquired or used or had possession of the property for adequate consideration'.
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