Money laundering occurs when money gained through illegal means is passed through a legitimate business or transaction in order to appear that it comes from a legitimate source. The offence of money laundering also includes money – or other assets – used to fund terrorism, regardless of how the money is obtained.
The Money Laundering Regulations 2007 (‘MLR’) can be an issue for workers in the financial sector, professional people such as accountants and solicitors, and some individuals.
They also apply to a wide range of businesses that are involved in financial transactions including:
- Money Service Businesses
- High Value Dealers
- Trust or Company Service Providers
- Bill Payment Service Providers
- Telecommunications Digital and IT Payment Service Providers
Such businesses are required by the MLR to be registered with one of the supervisory bodies, including HMRC. Businesses that don’t follow the MLR can face financial penalty or criminal prosecution. Even if you manage your business dealings scrupulously, you can, nevertheless, become an involuntary vehicle for money laundering.
Some professional people are required to inform the National Crime Agency if they know or suspect money laundering is taking place, and face potential criminal proceedings if they fail to do so.
If you have concerns about MLR registration or are in any doubt as to your responsibilities under the regulations, you should seek professional advice as soon as possible. The Fraud and Regulatory team at Neumans LLP can rapidly evaluate the situation and advise on the necessary steps to protect your interests.
Should you find yourself under investigation or be charged with a money laundering offence, we have extensive experience of providing advice and representation in this specialist area where we have achieved notable success on behalf of both individual and business clients.