Page 719 - IOM Law Society Rules Book

c.13 Proceeds of Crime Act 2008 341

142. (1) A person commits an offence if the conditions in Failure to
subsections (2) to (4) are satisfied. disclose:
regulated
sector
(2) The first condition is that the person —
P2002/29/330
& Sch9
(a) knows or suspects; or

(b) has reasonable grounds for knowing or suspecting,

that another person is engaged in money laundering.

(3) The second condition is that the information or other
matter —

(a) on which the person’s knowledge or suspicion is based;
or

(b) which gives reasonable grounds for such knowledge or
suspicion,

came to that person in the course of a business in the regulated
sector.

(4) The third condition is —

(a) that the person can identify the other person mentioned
in subsection (2) or the whereabouts of any of the
laundered property; or

(b) that the person believes, or it is reasonable to expect
the person to believe, that the information or other
matter mentioned in subsection (3) will or may assist
in identifying that other person or the whereabouts of
any of the laundered property.

(5) The fourth condition is that the person does not make
the required disclosure to —

(a) a nominated officer; or

(b) a constable or customs officer serving (in either case)
with the Financial Crime Unit of the Isle of Man
Constabulary,

as soon as is practicable after the information or other matter
mentioned in subsection (3) comes to that person.

(6) The required disclosure is a disclosure of —

(a) the identity of the other person mentioned in subsection
(2), if the person knows it;