The risks and penalties of money laundering for charities and how to guard against it
Chambers and Partners, 2020
The UK’s anti-money laundering regime is one of the toughest in the world.
Tackling the problem of ‘dirty money’ in our financial system remains a key Government priority. Businesses, financial institutions, individuals and their advisers are all bound by our stringent anti-money laundering legislation. Many are also in the regulated sector so bound by the Money Laundering Regulations 2017 (as amended) [the regulations]. This includes, for example, solicitors, accountants, bankers, estate agents. The regulations requires them to implement certain checks, controls and procedures to prevent money laundering. A failure to do so is a criminal offence.
The Financial Conduct Authority (FCA), Gambling Commission and HMRC have statutory AML powers to supervisor those in the regulated sector. The Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which sits within the FCA, is also now tasked with ensuring a high standard of AML supervision in the accountancy and legal sectors.
Across the board, regulators are ramping up supervision and enforcement action to ensure that AML procedures are strictly adhered to and criminal activity is detected on a zero-tolerance basis.
We are expert in advising both individuals and organisations who find themselves caught in the fight against financial crime.
From those accused of perpetrating “high-end” money laundering arising from major frauds, terrorist activity and international corruption, to those suspected of facilitating it further along the laundering process. Whether payments are electronic or cash-based, used to purchase crypto, financial or physical property assets; whether parties are knowingly or unwittingly involved – we can assist.
We have an impressive track record in providing criminal defence advice to corporates and individuals alleged to have disguised the illicit origin of funds.
We also regularly advise those who might be considered enablers - lawyers, trust and company formation agents, investment banks and fund managers, accountants and real estate agents - on the regulatory and criminal law consequences of AML investigations, be they suspects or witnesses.
The legislation underpinning the UK’s AML regime is wide-ranging and complex. We pride ourselves on providing practical, commercial advice.
Where an internal investigation is called for, we can quickly analyse relevant transactions and recommend a strategy. Where a breach has occurred, we look to assist with remediation. Where allegations require a more nuanced response or robust defence, we look to protect our client’s best interests.
We recognise that clients want the strongest possible opportunity to avoid the fines, convictions and reputational damage that can follow a money laundering investigation.
If you are concerned that you may have fallen foul of AML regulations or need specialist compliance advice contact one of our specialist AML lawyers.
Senior Associate (Barrister)
A source describes the team as "on top of its game," thanks to being "exposed to tremendous cases."
Chambers and Partners UK, 2020
One of the premier white collar defence teams in London."
Legal 500 UK, 2020
Straddles the overlap between contentious regulatory work and financial crime."
Chambers and Partners UK, 2020
They are a really outstanding firm - their POCA and asset forfeiture work is absolutely first-class."
Chambers and Partners UK, 2019
“When it comes to money laundering matters, “there is no one better” than Jonathan Grimes, who “never fails to deliver astute and considered counsel” to clients”
Who's Who Business Crime Defence
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