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FAQs about money laundering answered by our fraud solicitor
22 Jun 2022

It is something depicted in many Hollywood films from the 80s even though it is displayed somewhat comically! We are talking of course about money laundering and the illegal gaining of funds.

But if you are based in the UK and you run a business or are setting one up, you may want to know a bit more about money laundering and how to prevent it.

At ABV Solicitors, our team has worked with many companies that have been accused of money laundering. Our fraud solicitor is a professional in this area when it comes to defence. So, if you have been accused of money laundering, call us immediately.

Here, our fraud solicitor answers common questions that we receive about money laundering from our clients. So read on to learn more.

What is money laundering?

In the UK, money laundering is defined by the Proceeds of Crimes Act 2002 as all forms of handling and possessing criminal property, including proceeds of one’s own crime and the handling or possession of criminal property, which is a bit technical! According to our fraud solicitor, the simple definition of money laundering is the cleaning of money that was gained through illegal activities. For instance, a company may make money that has been laundered appear legally gained via invoice tampering.

What are the signs of money laundering in a business?

If you run a large business, there are many things that you can keep an eye out for with your clients and staff. For example, if money from one of your accounts is being moved without your knowledge or consent, this can be a sign of money laundering. You should also trust your good old fashioned gut instinct when relating to clients and business partners. If you are at the head of a business and the corporate structures underneath you have become complex due to managerial intervention, this is also worth exploring, as this can be a sign of illegal activity.

I’m being investigated for money laundering; what do I do?

If you are being investigated for money laundering in the UK, the first thing that you need

to do is seek legal representation. Our team at ABV Solicitors will be more than

happy to represent you and your company in such instances. It is worth noting

that you will also have to comply with any inquiry from HMRC and secondary sources. But we can help with this.

What is the maximum penalty for money laundering?

In the UK, money laundering is deemed to be a serious offence, so the maximum penalty

is 14 years of imprisonment and an unlimited fine. If the offence has been committed by an individual, then the maximum penalty is 2 years imprisonment and an unlimited fine.

How can I prevent money laundering?

There are a few tips for preventing money laundering from occurring in your business. For instance, avoid having complex structures handling finances. As mentioned earlier, this can be a great cover for criminal activity. If you suspect that there is illegal activity occurring in your business, you need to seek the advice of our legal team and contact the police.

It is also worth putting into place multiple checks to ensure that any money that is being moved around is done so with your knowledge.

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