Allegations of money laundering arise in respect of the concealment, disposal, transfer and removal of property derived from criminal activity or the laundering acquiring, using and possessing any such property. Such an offence is punishable by up to 14 years imprisonment.
Money Laundering Prosecutions have increased dramatically since the introduction of the Proceeds of Crime Act 2002, and the Money Laundering Regulations 2003. It is a matter of considerable importance to all professional advisors such as Solicitors, Accountants, Financial and Tax Brokers, Estate Agents and others connected with the acquisition of the disposal of property or other assets.
Obligations have been imposed on professionals and institutions to report transactions which are either known to be, are suspected to be or ought to reasonably have been known to be money laundering.
It is common for those facing Prosecution in relation to criminal activity to face a Money Laundering Investigation and Prosecution associated with the benefit from criminal conduct.