What act criminalized money laundering in the UK?

The Proceeds of Crime Act 2002 (POCA) is the legislation that criminalized money laundering in the UK. This act was introduced to address the issues surrounding the recovery of the proceeds of crime and to enhance the UK's ability to combat money laundering and related financial crimes.

POCA established a framework for the identification, confiscation, and restitution of assets gained through criminal activities. It also set out offences related to money laundering, creating clear definitions and penalties for those engaged in such activities. By criminalizing money laundering, the act aims to deter individuals and organizations from engaging in or facilitating the conversion of illicit funds into legitimate assets.

The significance of POCA lies in its comprehensive approach to tackling financial crime, making it a cornerstone of the UK's legal framework regarding money laundering. Other acts mentioned, while they address various aspects of crime or financial regulation, do not primarily focus on money laundering in the same way that POCA does.