Section 135Part 2 — The Financial Reporting AuthorityAmended
Acquisition, use and possession
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Amended by LG32/S3
A person commits an offence if that person —
acquires criminal property;
uses criminal property; or
has possession of criminal property.
A person does not commit an offence under subsection (1) if —
that person makes a disclosure to the Financial Reporting Authority and has the consent of the Financial Reporting Authority to commit the act, but this does not apply to the person who committed or was a party to the act from which the property derives;
that person intended to make such a disclosure to the Financial Reporting Authority but had a reasonable excuse for not doing so;
that person is a professional legal adviser and does not disclose information or other matter which came to that person in privileged circumstances;
that person acquired or used or had possession of the property for adequate consideration; or
the act that person does is done in carrying out a function that person has relating to the enforcement of any provision of this Act or of any other enactment relating to a criminal conduct or benefit from a criminal conduct.
For the purposes of this section —
a perso n acquires property for inadequate consideration if the value of the consideration is significantly less than the value of the property;
a person uses or has possession of property for inadequate consideration if the value of the consideration is signi ficantly less than the value of the use or possession; and
the provision by a person of goods or services which that person knows or suspects may help another to carry out criminal conduct is not consideration.
Nor does a person commit an offence u nder subsection (1) if —
that person knows, or believes on reasonable grounds, that the relevant criminal conduct occurred in a particular country or territory outside the Islands; and
the relevant criminal conduct —
was not, at the time it occurred, unlawful under the criminal law then applying in that country or territory; and
is not of a description prescribed by an order made by the Attorney General.
Nor does that person commit an offence if that person is a professional legal ad viser and does not disclose information or other matter which came to that person in privileged circumstances.
But subsection (5) does not apply to information or other matter which is communicated or given with the intention of furthering a criminal p urpose.
In subsection (4) “ the relevant criminal conduct ” is the criminal conduct by reference to which the property concerned is criminal property.