Most professional firms and other organisations dealing with financial transactions will now be caught by the Money Laundering Regulations 2003, which became effective in March 2004 . In addition every individual could find themselves the subject of a prosecution under the Proceeds of Crime Act 2002 or the Terrorism Act 1980. The consequences of a successful prosecution could hardly be more alarming with penalties of up to 14 years imprisonment.
Those who ignore money laundering obligations will do so at their own peril. Not only will there be a threat of imprisonment but businesses and reputations will be at stake and those organisations with regulatory bodies such as lawyers and accountants may well be subject to disciplinary proceedings.
The new money laundering regime is complicated and it is very likely that individuals and firms will become unwittingly involved in prosecutions through a failure to properly understand what is required under the legislation and the regulations. If your firm/organisation or any employee or principal becomes involved in any form of money laundering investigation/prosecution it is vital that you have expert legal advice from the outset.
At JMW Solicitors we have a specialist team of expert lawyers who deal with all types of money laundering prosecutions. Our crime/serious fraud department is already recognised as one of the major players in the country and it has the backing of over 30 dedicated team members. On the basis that it is always better to avoid prosecution in the first place we are also able to advise clients on the setting up of anti-money laundering systems and preventative measures.
If your firm/organisation carries out any work in the "Regulated Sector" you are required by law to appoint a Money Laundering Reporting Officer. If you have not done so you could already be in serious trouble. The penalty for non-compliance could be as much as two years imprisonment.
All firms/organisations affected by money laundering legislation/regulations should be aware of the responsibility to report to the National Criminal Investigation Service ("NCIS") details of any known or suspected money laundering activities. This means that NCIS will be investigating thousands of potential prosecutions every week.
The effect on you and/or your business could be devastating.
We strongly recommend that you save this page in your favourites folder and if you would like to discuss any existing or potential money laundering investigation/prosecution or would like to know more about JMW Solicitors money laundering department please complete our online enquiry form or telephone us on 0161 832 8087. Please address any enquiry at first instance to our Managing Partner, Bill Jones
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