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The term, 'money laundering', refers to the process by which criminals and fraudulent businesses disguise money made from illegal activity. Once illegally acquired funds have been passed through the hands of enough legitimate businesses and institutions, they become untraceable, and are therefore free to be used without threat of repercussions.

The solicitors at Specialist Solicitors are thoroughly experienced when it comes to defending businesses that have been accused of money laundering, and are also able to offer legal advice to businesses that wish to ensure they are never unknowingly used as money launderers.

The principal money laundering offences involve the concealment, disguise, conversion, transfer or removal of criminal property, or becoming involved in the arrangement of money laundering, or acquiring, using or possessing criminal property.
Penalties

This is punishable up to a maximum of 14 years imprisonment. The size of the maximum sentence for money laundering is indicative of the importance that the Government puts on depriving criminals of criminal property.
Criminal Property

Criminal property is defined in the Proceeds of Crime Act 2002 as anything, which represents a benefit from criminal conduct, where the alleged offender knows or suspects that this is the case.
Secondary Money Laundering Offences

Secondary money laundering offences largely fall into two areas, firstly a failure to report a suspicious transaction to SOCA and secondly what is referred to as tipping off.