Recent clarification of the Proceeds of Crime Act 2002
9 February 2009
Mayer Brown Legal Update
The High Court, in a judgment handed down recently, has provided useful clarification of a number of issues relevant to the relationship between a bank’s statutory duty to seek “appropriate consent” under the Proceeds of Crime Act 2002 and its duties (contractual or otherwise) to its customer. Although the case was concerned with a bank, it will be of interest to any professional who encounters the Act.