Eversheds International

Fraud and Financial Crime

Money laundering and counter measures

The challenges

The UK has arguably the toughest anti-money laundering regime in the world. The Proceeds of Crime Act 2002 and its associated regulations, including the Money Laundering Regulations 2007, have placed responsibility on business to ensure compliance. The regulated sector now includes credit institutions, financial institutions, auditors, external accountants, tax advisors, legal professionals, trust and company service providers, estate agents, high value goods dealers who trade in cash over €15,000 and casinos.

The money laundering regime brings with it very serious criminal penalties for breaches, whether negligent or deliberate, which includes imprisonment. All businesses, whether in the regulated sector or not, need to be aware of the implications of alleged money laundering.

Further, the Money Laundering Regulations 2007 introduce a risk-based approach to compliance for the regulated sector which places the responsibility on business and its MLROs to ensure compliance within their particular industry.

How we can help

We have a dedicated team with expertise in advising individuals and companies on any money laundering issue and we can offer representation in any investigation or prosecution. We can provide assistance from the outset, and can provide specialist advice on these types of investigations including interview procedure, whether you are a witness or a suspect. Our team has extensive experience in the way the Revenue & Customs Prosecution Office conducts such investigations.

We can also undertake compliance checks to ensure you are managing the risk and fulfilling your duties under the legislation, have adequate internal controls, suitable due diligence, adequate staff training and record keeping, as well as a Money Laundering Officer who is fulfilling their obligations and duties.