Money laundering

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As one of the leading serious fraud firms in UK, Bark & Co regularly have to advise their clients on the implications of money laundering charges which often accompany investigations and prosecutions of fraud. UK legislation is wide ranging and recent changes to the law have increased the likelihood of money laundering charges being pursued vigorously by the authorities. The team at Bark & Co are experts in the interpretation of the law and in particular the parameters open to the prosecuting authorities in respect of money laundering charges.

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Money laundering

  1. 1. BARK & CO SOLICITORS
  2. 2. Money LaunderingAs one of the leading serious fraud firms in UK, Bark & Co regularly have toadvise their clients on the implications of money laundering charges which oftenaccompany investigations and prosecutions of fraud. UK legislation is wideranging and recent changes to the law have increased the likelihood of moneylaundering charges being pursued vigorously by the authorities. The team atBark & Co are experts in the interpretation of the law and in particular theparameters open to the prosecuting authorities in respect of money launderingcharges.In the UK, primary legislation on money laundering includes the Terrorism Act2000, the Anti-Terrorism Crime & Security Act 2001, the Proceeds of Crime Act2005 and the Serious Crime and Police Act 2005. Secondary legislationcomprises Money laundering Regulations 2003 and 2007. These increasinglystringent regulations put the onus on businesses to ensure that certain controlsare in place to prevent them being used for money laundering purposesincluding customer due diligence measures and internal controls and monitoringsystems.
  3. 3. Under UK law, it is a money laundering offence when a person enters into, orbecomes concerned in, an arrangement which facilitates by whatever means therequisition, retention, use or control of criminal property (assets or money) byanother person. In many cases, the authorities seek to block suspected moneylaundering activities at an early stage by applying severe constraints even wherethere is scant evidence of wrong doing. Actions include forfeiture of assets etc.Bark & Co frequently has cases under way where our clients are facing both fraudand money laundering charges. In one such recent example the FSA and City ofLondon Police had mounted a combined operation into a large boiler room fraudbased overseas. This case has been singled out as a good example of theincreasing scale and prevalence of this type of fraud and demonstrates howinternational operations are being used to bypass the UK financial regulations andauthorities to launder money abroad. In another fully contended, cut-throat trial,our client was implicated in a conspiracy to defraud a bank of more than £200M,setting up several offshore accounts to money launder the proceeds of the fraud.In all cases, Bark & Co set out to ensure that our experience and expertise iscarefully matched to client requirements, utilising the best legal counsel wherenecessary to achieve the best outcome.

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