Kangs Solicitors Instructed in Multi-Million Pound Money Laundering Investigation
Kangs Fraud and Money Laundering team has been instructed to represent two individuals at the centre of an investigation being conducted by the Financial Crime Unit at Croydon Police Station.
It is alleged that a property portfolio and family run businesses have been used as outlets to launder the proceeds generated from the theft of a large number of high value vehicles in the UK.
It is alleged that several million pounds have been laundered in recent years.
There is a further allegation that those in control of the businesses have been committing tax fraud.
What is Money Laundering ? | Fraud Solicitors
Money laundering is the process whereby attempts are made to make the proceeds of illicit activity appear “clean”.
Money laundering schemes can be simple or highly sophisticated.
Kangs have a wealth of experience in defending allegations of the most complicated money laundering allegations().
The majority of complex money laundering schemes involve three stages:
1) “Placement” - the process of getting criminal money into the financial system;
2) “Layering” - the process of moving money within the financial system through complex webs of transactions;
3) “Integration” - the process by which criminal money ultimately becomes absorbed into the economy, such as through investment in real estate.
Prosecutions for money laundering can involve any of these stages in the money laundering process.
What does the Prosecution have to prove to show that Money Laundering has taken place?
The Proceeds of Crime Act 2002 distinguishes three separate types of money laundering offences:
a) Section 327 offence – “Concealing criminal property”:
This includes concealing, disguising, converting or transferring criminal property.
It also includes removing criminal property from the UK.
A person convicted of an offence under this section is liable to imprisonment of up to 14 years.
The test for whether someone is guilty of such an offence is whether they “knew or suspected” that the criminal property represents a benefit from criminal conduct.
It is necessary for the prosecution to prove:
- the act of concealing, disguising, converting or transferring;
- in relation to property;
- which was a benefit from criminal conduct; and
- that the accused knew or suspected that the property represented a benefit from criminal conduct
b) Section 328 offence – “Arrangements”:
This is the option most commonly adopted for the prosecution of those who launder on behalf of others.
It can apply to individuals who work as bookkeepers, accountants or those in financial institutions who in the course of their employment facilitate money laundering on behalf of others.
The prosecution must prove that:
- the defendant enters into or becomes concerned in an arrangement;
- which he knows or suspects facilitates (by whatever means) the acquisition, retention, use or control;
- of criminal property;
- by or on behalf of another person.
c) Section 329 offence - Acquisition, use and possession:
This offence is committed if a defendant uses criminal property, or (passively) possesses criminal property.
The prosecution has to prove:
- acquisition use or possession;
- of property;
- which was the benefit of criminal conduct;
- and that the defendant had the necessary knowledge or suspicion that the property represented a benefit from criminal conduct.
How can Kangs assist you? | Money Laundering and Fraud Defence Solicitors
It is imperative to seek advice at an early stage of a criminal investigation. Decisions made at the investigation stage of a case often have a huge impact on matters that proceed to Court.
At Kangs we have a wealth of experience in dealing with complex high value allegations of money laundering and tax fraud.
An example of a recent case conducted by Kangs Solicitors can be viewed by following the links below:
How to contact us
If you are subject to a police/HMRC/FCA investigation or have been asked to attend an interview our specialist award winning team of solicitors is here to help you.
Please contact the following members of our team and they will be happy to provide you with an initial free no obligation consultation.
Our Specialist Lawyers
Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258 171 / 020 7936 6396 / 0121 449 9888
Tim Thompson
tthompson@kangssolicitors.co.uk
0121 449 9888 / 020 7936 6396 / 07989 521210
