Money laundering can pose a serious threat to businesses. If your business becomes subject to an investigation into suspected money laundering, a lawyer can advise you on anti-money laundering systems and help you to avoid non-compliance penalties.
Contents for Money Laundering
What is money laundering?
Money laundering is when an individual or an organisation covers up money that is acquired illegally by making it look as though the money has been legally earned. Money laundering can also occur through failure to report suspicious transactions. A large number of businesses and individuals are exposed to the risk of prosecution for offences stemming from suspicious financial activity. For example, it is increasingly common for money to be laundered through residential and commercial properties.
The Money Laundering Regulations (MLR) of 2017 is a set of regulations that businesses are obliged to perform if their firm is in the private sector and is at risk of money laundering. The regulations aim to stop individuals or organisations from using professional services to launder money. These include measures such as risk management, monitoring internal communications and making sure to keep reporting and recording systems.
You should know…
1. The UK government has cracked down on offenders, with a maximum prison time now being up to 14 years.
2. If your business has received funds from someone who is money laundering, whether you know it or not, you could face money laundering charges.
Money laundering schemes which could affect your business
Placement is where the offender will deposit large sums of physical money on things that cant be paid for with cards, i.e. drugs or weapons. They will then seek to circulate their money; they can do this by investing in property, exchanging it into a different currency or gambling on a safe bet.
It can be noted, you do not need to have directly carried out criminal activity to be charged with a money laundering offence. For example, you may be charged with a money laundering offence if you unknowingly sold a property to someone who made payment with the proceeds of crime.
Layering is where the money moves around different hands to avoid been found. The further away from its original source, the safer it is. This can be done by moving it overseas or investing in financial companies or products.
It is essential you seek legal advice if you suspect someone is using your business for layering. A lawyer can advise you on implementing mechanisms to prevent this from happening. Additionally, they can ensure that you set up your business correctly and ensure you avoid being subject to non-compliance penalties.
Integration / Extraction
The most common ways criminals extract laundered money within businesses is by registering fake employees. By registering fake employees it allows the criminals to take money out the business. If you’re an employee and suspect this is happening you should report it.
Furthermore, employers may also use false import invoices. This involves the business making an overvaluation and then later depositing the value of the funds received.
If you suspect your company to be involved in laundering money you are able to report it to HM Revenues & Customs (HMRC).
Money Laundering Overview
Key Benefits of Using A LAWYER
Providing clarity, advocacy, or representation when presenting evidence in court.
Structuring a coherent and comprehensive case to your circumstances in an objective manner and without emotion.
Providing the client with information on how much the case is likely to cost and the best strategy available to them in their current situation.
Advice and representation in tipping off allegations or on what to do if you suspect you have unknowingly received proceeds of crime.
Ensures your best interests are fully protected, and that you have full representation for money laundering investigations and any criminal charges
How can lgbt lawyers help
Money laundering legislation is a complicated area of law. Therefore, you must seek advice from an expert litigation lawyer. Money laundering is a very serious criminal offence. A successful prosecution could lead to huge fines or the closure of your business. Those who are involved in money laundering may not be aware of their role in cleansing the proceeds of crime. For example, money laundering can be as simple as a customer or client asking for large cash refunds on credit cards or overpaying bills.
You must acquire a criminal litigation lawyer if you are under investigation, or if you suspect you have received the proceedings of a crime. A criminal litigation lawyer will advise you on the best options available to you.
If you are under investigation, a lawyer can build you a strong case and provide you with expert representation which will give you the best possible chance of success of winning your case. Furthermore, an expert lawyer can analyse the evidence, disclosure of the evidence, and cross-examine to attempt to weaken the prosecutor claim.
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