At Ralli Solicitors LLP we have advised many clients over the years on Money Laundering.
Money laundering is the generic term used to describe the process by which money is disguised from the original ownership.
(The Proceeds of Crime Act 2002)
Proceeds of criminal conduct which has the appearance to have derived from a legitimate source.
In other words processing criminal proceeds to disguise their illegal origin.
This type of crime is on the increase. The maximum sentence is 14 years imprisonment.
The enforcement agencies are treating money laundering as high priority and have increased manpower and resources into tackling it.
You can be reported by anyone.
Money Laundering Officers are only too aware that they can be imprisoned for failing to disclose.
You could receive what you believed to be a legitimate payment from someone, only to find months down the line the police knocking on your door because you didn’t carry out the correct checks.
More importantly for the innocent, malicious people, who want to damage you or your business, could report you without you knowing.
If someone finds out and wants to warn you that trouble is brewing then they may commit an offence of ‘tipping off’ under s333 of the Act. That can also mean prison for them.
If you operate in the financial services sector or as a professional adviser you may have more stringent responsibilities because your industry falls into the specifically regulated sector.
The legislators have created a deliberately draconian regime. In addition to prison you can lose everything you own even if you just played what you think is a minor role.
The Government means business and this is not an area where you can let matters ride. If you think you are caught up in this type of offence speak to us. We can give you professional advice and you will be protected by legal privilege, so what you tell us in respect of your case is kept confidential.
Contact can be made at any time on 0161 615 0660