Money Laundering Solicitors

What is Money Laundering?

Money laundering is the process of making money or assets gained through crime look as though they came from a legitimate source, such as a successful business. Methods of laundering money vary and can be highly complex, often involving offshore accounts and many layers of transactions in order to hide the true source of the income.

This complexity means that money laundering is not treated as one specific criminal offence, but many related ones. People are charged with different offences depending on the role they are suspected of playing in the laundering process. You can still be charged even if it’s someone else’s money, and you don’t know what crime generated it.

What Types of Money Laundering Offences Are There?

Participation in money laundering schemes can take many different forms, but they fall into two main categories:

Criminal offences, such as concealing or transferring the proceeds of a crime
Failing to comply with money laundering regulations, for example by ignoring your business’s anti-money laundering measures

Offences in either category can be committed unknowingly, which is why experienced legal representation is so important in these cases. To give you an example of how easy it is to fall foul of money laundering laws, here are two common but lesser-known offences.

Failure to Report

Certain regulated businesses in the UK, such as financial services businesses and accountants, are legally required to have effective anti-money laundering measures in place. The measures include verifying the identities of customers, keeping detailed records, and reporting suspicious transactions to the National Crime Agency, typically via a Suspicious Activity Report (SAR).

Failing to inform the NCA of suspected or known money laundering is itself an offence, even if you are not actively participating in the scheme. It can lead to fines and imprisonment, as well as being struck off of professional registers.

Tipping Off

Tipping off is when you share information that could undermine a money laundering investigation. An example would be informing someone that a SAR has been submitted following one of their transactions, or letting them know that they’re being investigated.

You can be charged with tipping off even if you accidentally disclose something in an offhand remark, or if the person being investigated raises the subject and you discuss it with them.

How Can Waldrons Help

Our team here at Waldrons are criminal defence specialists with a wealth of experience defending clients against money laundering charges. We understand that each case is unique and complex, which is why we always take the time to understand your side, advise you of the best approach and ensure that you are given a fair hearing throughout the legal process.

Flexibility We are available for appointments at your home, at hospital or another location that’s convenient for you.

Dedicated You will have direct access to a Legal Advisor throughout your matter.

Established We have over 150 years experience in providing specialist legal advice representing individuals.

Costs We are clear on costs 100% of the time from the outset.