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Money Laundering

What is Money Laundering?

Practitioners need to be aware of the requirements of the anti-money laundering provisions of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007 (which replaced the Money Laundering Regulations 2003 from 15^th December 2007). The original provisions came into effect on 1^st March 2004 and apply to any knowledge or suspicion of money laundering that arises after that date.

The following commentary provides a very brief outline of the main money laundering provisions. It is not intended as a full exposition of the law relating to this subject and should not be taken as such.

Money laundering is specifically defined by the legislation. It occurs when someone:-

• Conceals, disguises, coverts, transfers or removes (from the UK) criminal property
• Enters into or is concerned in an arrangement which they know or suspect facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person
• Acquires, uses or has possession of criminal property.

And they know or suspect that the property constitutes or represents a benefit from criminal conduct.

Tax evasion is criminal conduct, and criminal property includes the proceeds of tax evasion, no matter how small the amount; there in no de minimis limit. Examples of what constitutes money laundering in the field of taxation include:-

• Deliberately understating profits
• Deliberately overstating expenses
• Failing to notify HMRC, once it comes to light, of an innocent or negligent error which leads to a loss of tax
• Failing to notify HMRC of an over-repayment of tax when the repayment is known to be excessive.

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What we can offer

Our team has experience of working on a wide range of tax investigation cases including Criminal and Civil matters. We can handle everything from our offices. Be it a Voluntary Disclosure at local level right through to cases of Serious Tax Fraud and Avoidance (Code of Practice 9).

Call us FREE now on 0800 999 9980