On 5th January 2023, the threshold amount specified in Section 339A of the Proceeds of Crime Act (POCA) was increased from £250 to £1,000, following an amending order made on 15th December 2022.
The threshold change increases the value of criminal property below which a bank or similar firm (specified in the order’s explanatory note) can carry out customer transactions, without committing one of the core money laundering offences in sections 327 to 329 of POCA.
Firms should read the Proceeds of Crime (Money Laundering) (Threshold Amount) Order 2022 to identify relevant implications.
AML/CTF/CPF
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