If you’re a company officer or director and need a quick reminder on your responsibilities under the UK’s Proceeds of Crime Act and the anti-money laundering regime, take a look at our one page tipsheet. We cover the following areas:
- an overview of the Act
- the definition of “proceeds of crime”
- confisction and forfeiture of the proceeds of crime
- money laundering and related offences
- reporting requirements
- the regulatory regime
Victim states seeking to recover the proceeds of corruption, or compensation for corrupt acts, may have a choice of mechanisms to do so: criminal, civil and non-conviction forfeiture. Each mechanism has advantages and disadvantages, and the “right” route for a particular case depends on the circumstances. Flexibility is key, and any substantial programme is likely to deploy all of the available mechanisms. Indeed, many successful individual cases have used two or more mechanisms to maximise recoveries.
Cooley’s briefing, “Recovering the proceeds of corruption: how states can recover stolen assets” outlines and discusses the recovery options, and the factors that a state should consider when choosing between them. It is available here.