Money Laundering: Tipping off (Applies to bankers and other professionals)
Bankers and other professionals may also be liable for money laundering, under the offence of ‘tipping off’. The offence is committed when a person knows or suspects (subjectively) that a protected or authorised disclosure has been made and makes a disclosure to a third part (client) which is likely to prejudice any investigation which either is or might be conducted.
Section 48(1) of CDSA (Corruption, Drug, Trafficking and other serious crimes (Confiscation of Benefits) Act) provides that a person commits an offence of ‘tipping off’ when he/she suspects that an authorised officer (CNB, CPIP,CAD) is conducting an investigation for the purpose of CDSA or suspects that a report has been made to an authorised officer under the CDSA and discloses to a third party who is likely to prejudice the investigation.
Penalty: If the offence is committed, a fine nor exceeding $30,000 or a term of imprisonment not exceeding three years or both. (Section 48(2) of CDSA).
It is a defence if you are able to proof that you did not know or have no reasonable grounds to suspect that the disclosure would be prejudicial to the investigation.
