Money Laundering Solicitor
Money laundering is a topic of increasing concern to all solicitors, accountants, tax advisers and other professionals, due to the implications of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007.
It is increasingly common for prosecutors to consider charging money laundering offences alongside, or even instead, of substantive offences.
What is Money Laundering?
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.
Generation of money is a motivating factor for financial crime. It is often used to pay for lifestyle, status and for working capital for current/future projects.
Some criminals will "spend as they go" on lifestyle/basic assets; others will be more sophisticated and will accumulate wealth in assets held in the UK or abroad. Most will be involved in money laundering to some extent.
Money laundering is the process by which the proceeds of crime or the ownership of stolen property is changed so that the proceeds appear to have some from a legitimate source.
Penalties
This is punishable up to a maximum of 14 years imprisonment. The size of the maximum sentence for money laundering is indicative of the importance that the Government places on combating money laundering.
Criminal Property
Criminal property is defined in the Proceeds of Crime Act 2002 as anything, which represents a benefit from criminal conduct, where the alleged offender knows or suspects that it constitutes or represents such a benefit.
Failure to Report
All professionals that operate in the regulated sector are obliged to disclose information about a transaction that they know, suspect or ought 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. However, the best way of avoiding an allegation of failing to report is, of course, to have made the appropriate report. This is a complex area of law which 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
The offence of tipping off has been amended by the Proceeds of Crime Act 2002 (Amendment) Regulations 2007.
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, SOCA 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.
How can we help?
Richard Nelson LLP 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 SOCA 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.
Contact us
If you require any further information in relation to money laundering issues, then please contact us.