When must a money laundering offence be disclosed?

The requirement to disclose a money laundering offence arises when knowledge or suspicion of money laundering arises in the course of business activities. This is primarily guided by the Proceeds of Crime Act and the Money Laundering Regulations, which mandate individuals and entities in regulated sectors to report any suspicions of money laundering to the National Crime Agency (NCA) as soon as they know or suspect that a transaction is related to criminal property.

In the context of business, this means that once an employee or a professional becomes aware of potential money laundering—whether through unusual transaction patterns, information from clients, or other red flags—they are obligated to make a disclosure. This duty is in place to prevent financial institutions and businesses from inadvertently facilitating crime.

The other options do not align with the requirements for disclosure. For instance, waiting for a suspect to be convicted would not comply with the obligation to report suspicions as soon as they arise. Similarly, the specifics of the entity, whether it pertains to an individual or organized crime, do not change the immediate duty to report once knowledge or suspicion has been formed. Thus, the correct understanding lies in the necessity of reporting as soon as there is reason to suspect money laundering is occurring in the business context.