14) Can a disclosure be made to the designated authority after the transaction involving criminal property has been conducted?

Where a regulated entity has engaged in a transaction involving suspected criminal funds, without the consent of the designated authority, it should still make a disclosure of its suspicions to the designated authority.

Where such a disclosure is made on its own initiative, as soon as is reasonably practicable after doing the act, and the regulated entity had intended to make a prior disclosure but has a reasonable excuse for not doing so this may still provide the regulated entity with a defence to a charge of money laundering under sections 92 or 93 of POCA.

It is therefore critical that the institution set out the circumstances of the case in writing at the earliest opportunity and provide same to the FID on an urgent basis.

The designated authority, however, cannot grant consent to the doing of an act where the transaction involved has already been completed. As a consequence, such a disclosure would not constitute a request for appropriate consent under the Act.