Moneylaundering - Foreign Offences

The Proceeds of Crime Act 2002 (Money Laundering:
Exceptions to Overseas Conduct Defence) Order 2006
SI 2006/1070
Coming into force 15th May 2006
Explanatory Memorandum
Under amendments to the Proceeds of Crime Act 2002 which will come
into force at the same time as this Order, there will be a new
defence to the money laundering offences in that Act. The defence
will apply where a person knows or believes on reasonable grounds
that the acts which produced the proceeds took place in a
particular country overseas and the acts were lawful in that
country. Under the Order the defence applies only if the act
generating the proceeds would not be punishable in the United
Kingdom by a maximum sentence of more than 12 months'
imprisonment. The Order also sets out a few exceptions to this
rule.