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Reporting entities may want to take notice of a recent UK case. In Canada, under the PCMLTFA, it is an offence to disclose the existence of an STR with an intent to prejudice a criminal investigation. The UK Proceeds of Crime Act provisions against tipping off are slightly different. One more piece of background: unlike Canada, lawyers in the UK are effectively reporting entities.
William Osmond is a 72 year old lawyer and his client was being investigated for corruption and money laundering in respect of a real estate transaction for which the client had lodged £4 million into Osmond’s trust account. The Serious Fraud Office sought information from Osmond and warned him not to tip off his client.…
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Jeffrey Simser 