Money Laundering is a blanket term for the disguising of money and valuable assets from their criminal origins. A crime is committed (e.g. fraud) through which valuables are gained and then there is an attempt to mask their criminal nature behind legitimate assets which are used either for personal gain or to aid the business or operation.
There are three stages in this process:-
- Placement, where the criminally obtained money is acquired.
Layering, the complex array of sale and purchase in the books in order to hide the location of the money.
- Integration, which is the re-emergence of the money through ‘genuine’ transactions
- The court will want to establish just how far the defendant had reasonable grounds to suspect the money he was accepting at any of the three stages was laundered or came from criminal origins.
It can be very difficult to establish what reasonable grounds are for suspicion, and as a result many honest and legally rigorous business people find themselves facing laundering accusations.
The Money Laundering Regulations 2007 now require businesses to report suspect transactions that they believe may be laundered.
In order to fight the charges you will need experienced lawyers who understand the intricacies of money laundering law. We are familiar with the difficulties these accusations can cause you and your business and will work with you to find the best possible outcome in court.