Money laundering is the process in which the proceeds of criminal activity are made to appear as if they have come from legitimate sources.
Money laundering investigations can be targeted towards individuals and / or businesses.
Chapter 7 of the Proceeds of Crime Act 2002 captures a number of money laundering offences, ranging from the concealment of assets to facilitate organised crime through to corporate offences such as failing to disclose and tipping off.
The following are the specific offences outlined under the Act:
- S.327 – concealing, disguising, converting, transferring or removing criminal property from the UK.
- S.328 – entering into or becoming concerned in an arrangement which a person knows or suspects facilitates the acquisition, retention, use or control of criminal property.
- S.329 – acquiring, using or possessing criminal property.
- S.330 – failure to disclose knowledge or suspicion to a nominated person that another is engaged in money laundering in the course of a business in the regulated sector.
- S.331 – failure to disclose by a nominated officer (who receive disclosures under S.330) in the course of a business in the regulated sector, who do not pass the information to the National Crime Agency.
- S.332 – failure to disclose by nominated officers outside the regulated sector.
- S.333 – this section covers ‘tipping off’ offences. This includes the disclosure of information that an investigation into allegations that an offence committed under Part 7 of the Act is being contemplated or is being carried out, and that the disclosure is likely to prejudice that investigation.
There are serious penalties available to the Court for money laundering convictions therefore it is essential that you seek competent representation. At Richardson Lissack we are well versed in money laundering cases having represented Defendants in high value and complicated cases, including those charged as conspiracies.
Many companies are now required to have stringent policies in place to tackle the risk of money laundering.
At Richardson Lissack, our team has represented corporates and individuals subject to complex money laundering investigations, as well as having advised companies and professionals in respect of procedures and policies that can be put in place to minimise the risk of money laundering occurring within the workplace. It is essential that specialist representation is sought from the outset due to the serious implications that money laundering investigations can have on your business, or you as an individual.
Our lawyers are available 24/7 to assist you and provide legal advice. Contact London 020 3753 5352 or Manchester 0161 834 7284. Alternatively you can email email@example.com