The principal money laundering offences are now found at Sections 327, 328 and 329 of the Proceeds of Crime Act 2002 which came into force in February 2003. Money laundering is an act which constitutes an offence under the sections or a conspiracy or an attempt to commit such an offence. This is a complex area of law. As a starting point the crime has to prove that the laundered proceeds are ‘criminal property’ in that they constitute an individual’s benefit from criminal conduct.
The offence at section 327 involves concealing criminal property, section 328 involves entering into an arrangement (such as an individual working in a financial or credit institution, accounts etc), and section 329 involves the acquisition, use and possession of criminal property.
These are hugely complex areas of law. The maximum sentence for a money laundering offence is 14 years imprisonment.