Money Laundering
Our regulatory solicitors have years of experience of advising businesses on money laundering issues and of defending individuals who face allegations of money laundering in the Courts. We have provided regular training to other accountants and lawyers on the topic of money laundering defence and compliance. It is increasingly common for prosecutors to consider charging money laundering offences alongside, or even instead, of substantive offences. Money laundering is punishable up to a maximum of 14 years imprisonment. The size of the maximum sentence is indicative of the importance that the government places on combating money laundering.
What is Money Laundering?
Money laundering is the process by which the proceeds of crime or the ownership of criminal proceeds are changed so that the proceeds appear to have come from a legitimate source. The principal money laundering offences involve the concealment, disguise, conversion, transfer or removal of criminal property, or becoming involved in the arrangement of money laundering, or acquiring, using or possessing criminal property.
Contact UsFailure to Report
All professionals that operate in the regulated sector are obliged to disclose information about a transaction that they know, suspect or should reasonably have known or suspected, involves money laundering.
A failure to comply with this is a criminal offence and is punishable to a maximum of five years imprisonment. The most common defence to this allegation is that the information came to a professional legal adviser and in privileged circumstances. This is a complex area of law that requires specialist legal advice.
Our team of serious fraud lawyers have experience in advising other professionals about the appropriateness of making an authorised disclosure.
‘Tipping off’ offence
Tipping off occurs if the alleged offender discloses to a third party that Suspicious Activity Report (SAR) has been made by any person to the police, HMRC, the National Crime Agency (NCA) or a nominated officer, if that disclosure may prejudice any investigation that may be carried out as a result of the SAR.
Tipping off is a serious offence and our experienced lawyers can advise you on how to avoid committing the offence or in assisting you in drafting appropriate policies or training your staff.
We can assist you in avoiding problems involving money laundering in a number of ways, including:
– If you are being investigated for money laundering or have already been charged with a money laundering offence, then you will require specialist legal advice and should contact us immediately;
– Training can also be provided on the money laundering regulations, to ensure compliance;
– Advice can be provided on whether a report should be submitted to NCA in given circumstances and what information such a report should contain;
– We have solicitors with expertise in defending money laundering allegations, who regularly lecture to other solicitors and accountants regarding money laundering and compliance.
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