182 Money laundering: exiting and paying away exemptions
Economic Crime and Corporate Transparency Act 2023 (2023 c 56) | Legislation

Part 5 Miscellaneous

Money laundering and terrorist financing

182  Money laundering: exiting and paying away exemptions

(1)     The Proceeds of Crime Act 2002 is amended as follows.

(2)     In section 327 (concealing etc), after subsection (2C) insert—

“(2D)     A person (“P”) who does an act mentioned in paragraph (c) or (d) of subsection (1) does not commit an offence under that subsection if—

(a)     P is carrying on business in the regulated sector that is not excluded business,

(b)     P does the act, in the course of that business—

(i)     in transferring or handing over to a customer or client money or other property of, or owing to, the customer or client, and

(ii)     for the purposes of the termination of P's business relationship with the customer or client,

(c)     the total value of the criminal property so transferred or handed over to the customer or client by P for those purposes is less than the threshold amount determined under section 339A for the act, and

(d)     before the act is done, P has complied with the customer due diligence duties.

(2E)     For the purposes of subsection (2D)—

(a)     business is “excluded” if it is of a description

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