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17 Jan 2022

Has your company been accused of money laundering?

At ABV Solicitors, our fraud solicitor can assist in the process surrounding money laundering offences and will work with you and your company to clear your name and avoid any of the associated hefty penalties.

Need to know a bit more? In the following article, our fraud solicitor answers common questions relating to money laundering law and the legal process that surrounds it.

What is money laundering in the UK?

Before we go any further, it is important to recognize what is “money laundering in the UK”, as it tends to have a slightly different meaning in each country.

According to our fraud solicitor, under the Proceeds Of Crime Act 2002 (POCA), money laundering includes all forms of possessing or handling criminal property, which includes possessing the proceeds of one’s crime and could also include the handling of criminal property.

A bit of a broad definition. But it is a process by which criminals retain and disguise the proceeds of their crimes or raise or retain funds for use in financing terrorist activity.

If your business has traded with another business that is now under investigation for money laundering, your business will be investigated too. And, until the investigation has been concluded, all of the dealings and trading that is linked to this client will be considered as suspicious, and potentially related to criminal activity.

Why would I be accused of money laundering?

In the UK, money laundering is a very serious crime and will usually be triggered by a suspicious activity report, or SAR and/or a suspicious transaction alert completed by the Serious Fraud Office.

If you have been accused of money laundering, you should contact our team at ABV Solicitors for legal advice immediately.

What should I do during a money-laundering investigation?

Before you panic after being faced with such an accusation, you should contact our expert team at ABV Solicitors; we have extensive knowledge of money laundering law in the UK and will work to get any investigation stopped.

But, during such an investigation, there will be a myriad of agencies involved, potentially from around the globe, which will include a large collection of evidence and interviews.

We will comply with all of the statutes relating to money laundering and will aim to take all of the stress off you at this stressful time.

If I’m found guilty of money laundering, will I go to jail?

Under the Proceeds of Crime Act 2002, money laundering carries a jail sentence of up to 14 years and/or a large fine.

The length of the sentence depends on the amount of money involved, the amount of laundered money and the seriousness of the offence which led to you having the money.

Once again, if you are found guilty of this crime, our team at ABV Solicitors will work tirelessly to have your sentence reduced and/or have your fine reduced, allowing your business to still operate when you are released from jail.

If you have recently been accused of money laundering, please contact our team at ABV Solicitors immediately for legal advice.