Our People Cases
News Insights Contact
Home Our People Cases
News Insights Contact

“This is one of the UK’s top fraud and regulatory specialist law firms”

Legal 500

“They are an exceptionally talented firm of specialist practitioners, formidable in their own right”

Legal 500

“The level of expertise at ABV was beyond excellent”

Chambers UK

“They are efficient and always respond quickly”

Chambers UK

“ABV have established themselves as a top legal services provider in the white collar crime and serious fraud”

Legal 500

contact us
by email
Common queries about money laundering answered by our fraud solicitor
24 Oct 2022

Most people associate the term money laundering with the image of someone stuffing money into a mattress; while comical, this is rarely how it is done!

In reality, the idea of stuffing money into a mattress is more likely to be linked to tax evasion, which is not the same as money laundering. Both are serious accusations, but there are some reasons why getting caught up in money laundering accusations is not to be taken lightly.

If you have been accused of money laundering, you will need help from a trained professional, like our fraud solicitor at ABV Solicitors. We have helped many business owners with cases relating to money laundering, as we know all there is to know about fraud accusations in the UK. Considering our 5-star ratings, if you need a solicitor to defend you against fraud, we at ABV Solicitors would be happy to fight for you.

The confusion that surrounds money laundering can make this accusation difficult to understand. In this article, our fraud solicitor answers common questions about money laundering in the UK.

What is considered money laundering in the UK?

According to our fraud solicitor, money laundering is when a person, group of people or business tries to make money obtained through illegal means appear legally gained.

For example, if a business owner is involved in drug deals and tries to make the money look as though it is the result of business deals, that is money laundering.

Money laundering aims to distract from the source of the money.

What are business owners required to do to prevent money laundering?

This can be a big area for business owners, as they may inadvertently be engaged in money laundering and not be aware. For example, if you have a customer, business partner or client who is trading illegally and the money is being passed to you, you can be identified as part of the money laundering offence.

So, to prevent this from occurring, you need to know a fair amount about your customers, clients and business partners and monitor any transactions made to you by them.

If you have concerns that a business partner may be engaged in illegal activity, you should report it to the police immediately.

What are the signs of money laundering?

Signs to keep an eye out for include secretive behaviour from a client or business partner, unnecessarily incomprehensible structures within a business, and the sudden appearance of offshore accounts.

You need to keep an eye on transactions that occur between yourself and a client because if the bank codes suddenly switch around or are constantly changing, this can be a sign of money laundering.

What is the penalty for money laundering?

The penalty for being caught committing money laundering is 14 years of imprisonment as well as a potentially unlimited fine.

So, if you have been caught up in a money laundering accusation or offence, you need to call our team at ABV Solicitors.

Will the case go to court?

In most cases, yes.

Less severe instances of money laundering will go to the Magistrates’ Court, and more serious ones will be heard at the Crown Court.

A short guide to HMRC investigations from our fraud solicitor

What to expect from your first meeting with our fraud solicitor