Money laundering; what is
it? A guide to UK law
ABV Solicitors
You may have heard of the term ‘money
laundering’
concerning
businesses
and
corporations and may be uncertain about what it
means. This can be a particular problem if you are
the head of a business or corporation and have
found yourself on the receiving end of a money
laundering accusation.
Under UK law, money laundering is considered a
very serious offence as, simply put, it is usually
linked to illegal activities and is a way for
businesses, corporations or people to avoid paying
taxes. So, if you find yourself under the accusation
of money laundering, you need to seek out the help
of a fraud solicitor as soon as possible.
To help you make a bit more sense of the process,
the following guide has been put together by a
fraud solicitor to help you understand the
terminologies used relating to money laundering, how you can prevent it in your business
and the sentencing laws.
What is money laundering?
Money laundering is when
someone hides the original
source of money linked to their
business. This is usually done
because the money has been
obtained
through
illegal
activity, such as drugs or
human trafficking. If you or
one of your associates have
been
accused
of money
laundering, you will need to
contact a fraud solicitor within
the UK as soon as possible to
seek advice. They will aim to help you identify and prove the source of the money or assets
that are under question and will defend your corner if you have come under suspicion due
to your business relationships with another person who has been found guilty or is being
accused of this crime.
Money laundering offences
There are 3 money laundering offences that you can be accused of and according to a fraud
solicitor and the Proceeds of Crime Act 2002 these are as follows:
●
the
concealing
offence-
the
concealment of where the money
originated from
●
the arranging offence- arranging
to hide the origin of the money
●
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