Companies and individuals can become unknowingly embroiled in money laundering and the penalties for breaking the law can be severe. We know that the reputation damage from the fall out can be catastrophic to all concerned.
The law surrounding money laundering is complex. Our team advises companies and individuals in money laundering investigations and anti-money laundering procedures and policies. In the UK the main provisions governing money laundering are contained within the Proceeds of Crime Act 2002 (POCA) and the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLR 2017).
Our team represents individuals subject to money laundering criminal investigations, restraint orders, cash seizure, and confiscation hearings. Our civil team has a vast amount of experience advising individuals and corporates in disputes that arise when Proceeds of Crime Act is engaged. This includes applications for interim relief.
We also advise and assist on procedures to minimise the risk of becoming involved in money laundering offences contained within the Proceeds of Crime Act.
The Money Laundering Regulations 2017 (MLR 2017) apply to a number of business sectors including financial institutions, independent legal professionals, accountants, estate agents, casinos and high-value dealers. All businesses covered by under MLR 2017 must comply with the regulations and failure to do so could amount to a criminal offence.
The team advises several companies including solicitors and financial institutions on the anti-money laundering compliance rules contained within MLR 2017. We are frequently retained by companies to provide ongoing advice in complex high-risk transactions.