In this second article we advised fellow notaries in London and across England and Wales to contact the Serious Organised Crime Agency (SOCA) should they have suspicions regarding the integrity of any notarial transaction.

The feedback we received from fellow Notaries Public in London was that many Notaries are unsure of the correct procedure for contacting SOCA.

A Notary should contact SOCA the very moment they suspect a transaction may be unlawful and it is strongly advised that a suspicious Notary should make a report via the SOCA website at www.soca.gov.uk .  In urgent cases a Notary may contact them by telephone or fax but we are advised that a duty officer may not be trained to give legal advice.

SOCA contact details are:

Telephone – 020 7238 8282
Fax – 020 7238 8286

If SOCA are alerted prior to a Notarial transaction taking place, the Notary is not permitted to act unless they have not had a response from SOCA in 8 working days.  After this period consent can be assumed and the transaction may proceed.

If SOCA contact the Notary in question within this 8 day timeframe then the transaction may not be completed for a further 31 days.

For further information please contact MD Pryke Notary Public.

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This Notary Public London Guide tackles some aspects of the ‘Proceeds of Crime Act’ of 2002 and the implications for Notaries Public in England and Wales.

The act established three principle areas of money laundering, namely:

• Arrangements
• Acquisition
• Concealing

Any Notary Public in London (or elsewhere) must disclose any suspicions to the Serious Organised Crime Agency (SOCA) as soon as these concerns become apparent. Furthermore, the transaction will not be able to proceed until SOCA has given its consent.

A Notary Public must be aware that under the terms of the 2002 Act mentioned previously, the law applies to the passive possession of criminally acquired property and proceeds, and there are rather draconian measures awaiting those who fail to comply with the current regulations.

A Notary in breach of one of the principle offences mentioned above, risks a maximum punishment of a 14 year prison sentence and a large fine.  Any Public Notary who commits a ‘failure to disclose’ offence, or is found guilty either of ‘tipping off’ a criminal or behaving in a manner that might be construed as obstructing an investigation, faces a maximum jail term of 5 years and the possibility of a fine.

As ever, this Notary Public in London guide is intended to be a broad overview of an extremely complex piece of legislation.  Should you have any concerns about money laundering, MD Pryke Notary Public strongly advise you to contact the Serious Organised Crime Agency.

The post Notary Public London Guide – Money laundering regulations Part 2 appeared first on MD Pryke Notary Public.

So, let’s tackle the definition of money laundering.  When the criminal receives the proceeds of crime they must search for a way to legitimise their windfall.  They do this by placing their money back into the financial system in order to disguise its origins and to appear as if it were the proceeds of a legitimate financial transaction.

This initial ‘placement’ of monies is often the easiest stage to detect that a crime has taken place so a Notary Public will take steps to ensure that they receive the correct level of identification before they can properly act.  If they suspect the motives of a client who, for example, wishes only to deal in cash without providing a reason for so doing, a Notary Public in London (or elsewhere, for that matter) is obliged to report their suspicions to the relevant authorities.  The procedure for this and the relevant contact details of the organisations involved will be published in future Notary Public London Guides.

The next stage in the money laundering process is often called layering, which is where a criminal will try to pass the money through a bewildering array of transactions designed to obscure its origins.

The final stage of which a Notary Public must be aware is the process of integration, whereby the criminal attempts to reintroduce the proceeds of his crime back into circulation, most often through a property transaction or by establishing a trading company.

For further details of money laundering regulations and how they affect a Notary Public in London, please contact Matthew Pryke through the usual channels or by calling 0207 636 4422.

The post Notary Public London Guide – Money laundering regulations Part 1 appeared first on MD Pryke Notary Public.