Financial crime investigations can be long and complex, with many moving parts. Because of this, information may be available to certain people under the investigation which is not available to others. If an individual warns another person that they may soon be under investigation, then the alerted party could flee the authorities, alter their behaviour or hide their assets. Alerting others in this way is known as ‘tipping off’. It is a criminal offence under S333A of the Proceeds of Crime Act 2002. However, it only applies to regulated sector businesses, including legal firms, online casinos and more.
The maximum penalty for tipping off is two years imprisonment and a fine.
Tipping off can be triggered in a few ways:
These are separate offences.
The information released must be likely to prejudice any investigation. This means that the investigation must be likely to hinder or harmed by the release of the information.
Since tipping off under S333A applies to regulated activity, companies at risk include insurance firms, accountancies and law firms.
With the twin risk of criminal conviction and professional regulatory consequences, those who find themselves under investigation for ‘tipping off’ should seek immediate legal advice.
If you have been falsely accused of tipping off or prejudicing an investigation, remember that the prosecution has to prove that you have done so. You do not have to prove that you are innocent.
At ABV we have a dedicated team with a wealth of experience defending those accused of criminal offences. Should you face any investigation, it is critical that you take immediate legal advice so you can benefit from the best possible defence. If proceedings are already underway, instructing a lawyer is still the best course of action.
Please call ABV Solicitors on 0344 587 9996 to speak to our specialists.
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