Proceeds of Crime

Insights from our expert proceeds of crime solicitors.

4 March 2021

The risks and penalties of money laundering for charities and how to guard against it

Money launderers will look for any opportunity to take advantage of organisations with weak financial controls in order to launder their ill-gotten gains. Charities, trustees, employees and volunteers who knowingly or unwittingly assist money launderers, or who fail to report suspicions, may commit a criminal offence and find themselves liable to prosecution. 

Nicola Finnerty

11 January 2021

HMRC’s record fine for money laundering breaches

HMRC monitors over 30,000 businesses to ensure their compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the regulations). Businesses which are found to have breached their regulatory obligations are at risk of civil and even criminal penalties.

Nicola Finnerty

26 November 2020

Another Civil Recovery Settlement: SFO v Julio Faerman

On 12 November the SFO announced that it had secured an agreement from Julio Faerman to pay a total of £1,198,424.78, following a civil recovery investigation into his UK assets. These assets included a £4.25m luxury apartment in West London which the SFO suspected to have been partly purchased with funds derived from its owner’s corruption.

Ed Smyth

17 November 2020

A consistent approach to extensions of moratorium periods for Suspicious Activity Reports

The Government has published a circular on extensions to the moratorium period for Suspicious Activity Reports (SARs), which acts as a restatement of the law and aims to ensure consistency in practice by law enforcement agencies in relation to the Defence Against Money Laundering (DAML) regime under section 335 of the Proceeds of Crime Act 2002 (POCA). The circular, published September 2020, sets out the responsibilities for the agencies involved in the process, and gives some indication of ways in which affected parties can play a part in the process.

Ed Smyth

2 November 2020

Account freezing and forfeiture powers widely used by law enforcement agencies

North Yorkshire Police announced in October 2020 the recovery of over £300,000 by means of Account Freezing and Forfeiture Orders (AFrOs and AFoOs). The news serves as a reminder of the popularity and increasingly widespread use of this law enforcement power that was created under the Criminal Finances Act 2017.

Jonathan Grimes

Choose a specialist area:

Proceeds of Crime and Money Laundering

Recent years have seen considerable growth in this practice area, following the introduction of new measures designed to tackle illicit finance and the increased attention of enforcement agencies.

Account Freezing and Forfeiture Orders, and Cash Seizure

Tackling illicit finance and the proceeds of crime is a government priority and law enforcement focus.

AML Compliance

Ensuring that the UK financial system is an increasingly hostile environment for illicit finances is a key government priority.

Restraint Orders, Confiscation and Third Party Rights

We advise individuals and corporates in relation to restraint orders and third party applications in respect of property caught by restraint orders.

Unexplained Wealth Orders

UWOs are used by law enforcement agencies to require an individual to prove that a particular asset was obtained through legitimate means.

Extending Moratorium Periods

Another feature of the Proceeds of Crime Act that can have the unwelcome effect of freezing property is the 'moratorium period'

Money Laundering

The UK’s anti-money laundering (AML) regime is amongst the most stringent. We represent both individuals and organisations in AML matters.

Serious Fraud

Defending complex white collar cases successfully is what we are known for. The firm has the largest team of specialist criminal lawyers in the UK.

Investigations

When an individual or company is faced with a criminal or regulatory investigation we manage every step of the process.

Medical Cannabis: Licensing and Investment

We advise corporates and individuals on all aspects of investing and licensing in cannabis industry.

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