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Legal Update

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[1], 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.

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