Banks Have Money Laundering Problems Too

Money Laundering Problems For Banks About  Disclosure
K Ltd v National Westminster Bank plc
[2006] EWCA Civ 1039
CA
19 July 2006
Daily Law Notes Summary
A disclosure by a bank to the authorities that it suspected it was
being asked by a customer to facilitate the use of criminal
property was an authorised disclosure under s 338 of the Proceeds
of Crime Act 2002. Under s 333 of that Act a bank making a
disclosure which it suspected was likely to prejudice any
investigation committed a criminal offence. But to avoid any such
offence the bank, availing itself of the exception in s 333(2) (c)
and (3)(b), should procure its legal adviser to make the relevant
disclosure and then only to a person in connection with legal
proceedings.