Money Laundering
Fraud allegations are the most difficult, complex and time-consuming cases to defend.
Fraud cases can often be won or lost at the investigation stage and before charge. What occurs in the early stages of an investigation can influence whether the matter leads to charge and in some cases, conviction.
Legislation on money laundering is complex and is renowned for its strict rules and regulations. Companies and individuals can be caught up in money laundering unknowingly as offences can be committed not only where a person has knowledge of money laundering, but also where they merely suspect it.
Our team offers unrivalled advice to clients on all the key pieces of UK legislation which govern money laundering, namely the Proceeds of Crime Act 2002 (POCA) and the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017).
Proceeds of Crime Act 2002
Money laundering is the process by which the proceeds of crime or the ownership of criminal proceeds are changed so that the proceeds appear to have come from a legitimate source. The principal money laundering offences involve the concealment, disguise, conversion, transfer or removal of criminal property, or becoming involved in the arrangement of money laundering, or acquiring, using or possessing criminal property.
Typically there are three stages of money laundering:
Placement – This is when illegally made money (“dirty money”) is disguised by being placed into a legitimate financial system, such as an off-shore account.
Layering – This is when someone creates a complex web of transactions to move dirty money within the financial system, usually via various off-shore accounts. This makes it difficult for authorities to detect as the criminal strategically moves the money around to cover the trail of where the money originally came from.
Integration – The dirty money is then absorbed into the economy through a legitimate transaction to create a plausible explanation for where the money came from. The criminal can now use the dirty money because it appears to have come from a legal source. It is increasingly common for prosecutors to consider charging money laundering offences alongside, or even instead, of substantive offences. Money laundering is punishable up to a maximum of 14 years imprisonment. The size of the maximum sentence is indicative of the importance that the government places on combating money laundering.
Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017
Certain kinds of regulated businesses must put measures in place to help prevent money laundering. Businesses also have to report any suspicious activity in a Suspicious Activity Report to the National Crime Agency (NCA).
Failure to Report
All professionals that operate in the regulated sector are obliged to disclose information about a transaction that they know, suspect or should reasonably have known or suspected, involves money laundering.
A failure to comply with this is a criminal offence and is punishable to a maximum of five years imprisonment. The most common defence to this allegation is that the information came to a professional legal adviser and in privileged circumstances. This is a complex area of law that requires specialist legal advice.
‘Tipping off’ offence
Tipping off occurs if the alleged offender discloses to a third party that Suspicious Activity Report (SAR) has been made by any person to the police, HMRC, the National Crime Agency (NCA) or a nominated officer, if that disclosure may prejudice any investigation that may be carried out as a result of the SAR.
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We relish the prospect of solving clients problems. We devise strategies, prepare meticulously, and leave nothing to chance. We will defend our clients rights with all our ability and determination. While our clients legal issues will be peculiar and unfamiliar to them, our expert lawyers have decades of invaluable experience to rely upon.We create a reassuring and protective environment, while working tirelessly to meet objectives. Our work will demonstrate our commitment to our clients and will validate the trust clients place in us. Potter Derby Solicitors do not wish to garner fame or publicity. We recognise that confidentiality of our clients cases is of the upmost importance. That is why most of our success stories will forever remain untold.
Specialist Fraud and Financial Crime Defence Solicitors
Potter Derby Solicitors are a criminal defence firm who are regularly instructed to defend people in police stations and Courts throughout England and Wales.
Evidence relating to financial crime is both comprehensive and sophisticated, only a small selection of criminal defence firms has the specialist expertise and ability to properly defend in these matters. Potter Derby is one of them.
We have secured our reputation as recognised experts at preparing criminal defence work to such a high standard over time, through working with the industry’s leading Kings Counsel and being consistently instructed in the largest and most complex cases seen in Courts throughout England & Wales.
From defending allegations of international boiler room frauds, multi million pound mortgage and VAT fraud, to inter-continental drug & firearms conspiracies to politically motivated offences. Our experience in defending the largest cases is second to none. The ethos from the start is to offer a bespoke service tailoring what we do to the specific natures of the case.
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