A person nominated to receive disclosures under section 337 or 338 commits an offence if the conditions in subsections (2) to (4) are satisfied.
The first condition is that he knows or suspects that another person is engaged in money laundering.
The second condition is that the information or other matter on which his knowledge or suspicion is based came to him in consequence of a disclosure made under the applicable section.
The third condition is—
The fourth condition is that he does not make the required disclosure to a person authorised for the purposes of this Part by the Director General of the National Crime Agency as soon as is practicable after the information or other matter mentioned in subsection (3) comes to him.
The required disclosure is a disclosure of—
The laundered property is the property forming the subject-matter of the money laundering that he knows or suspects that other person to be engaged in.
The applicable section is section 337 or, as the case may be, section 338.
But he does not commit an offence under this section if he has a reasonable excuse for not making the required disclosure.
Nor does a person commit an offence under this section if—