What action should relevant persons take if they suspect money laundering?

When individuals suspect money laundering, the appropriate action is to report their suspicions to the National Crime Agency (NCA) or the firm's Money Laundering Reporting Officer (MLRO). This immediate reporting is critical because it helps to ensure that any potential money laundering activities are investigated and addressed in accordance with legal obligations under anti-money laundering regulations.

Failure to report such suspicions could result in serious consequences for the individual, including potential criminal liability for failing to act on knowledge of unlawful activities. By reporting the suspicion, individuals not only comply with their legal duty but also contribute to the efforts to combat financial crime.

The other options do not align with the necessary legal framework. Ignoring the suspicion compromises ethical obligations and can lead to severe repercussions. Conducting internal investigations alone could lead to interference with ongoing investigations by law enforcement, and simply consulting with a legal representative would not fulfill the statutory obligation to report the suspicion. Hence, the requirement to report the suspicion to the appropriate authorities is a vital aspect of maintaining the integrity of financial systems.