Category: money laundering

Defensive Advising Strategies 2: Know Your Client – Wilberforce Chambers

Posted July 27th, 2021 in barristers, chambers articles, codes of practice, conflict of interest, financial dispute resolution, legal profession, legal services, money laundering, news, solicitors by sally

‘With a history in the world of financial services regulation, “know your customer/client” or “KYC” is a cornerstone of professional practice. What does it mean for legal professionals? In this instalment of my series on defensive advising strategies, I consider three aspects of KYC which are particularly relevant to lawyers, with an emphasis on the interface between solicitors and other professionals and the barristers they instruct. This perspective is based on my own experience as a practitioner and raises issues which crop up relatively frequently.’

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Wilberforce Chambers, 22nd July 2021

Source: www.wilberforce.co.uk

Tara Hanlon jailed for over £5m money laundering offences – BBC News

Posted July 27th, 2021 in imprisonment, money laundering, national crime agency, news, sentencing by sally

‘A woman has been jailed for 34 months after being found at Heathrow Airport with five suitcases stuffed with nearly £2m in cash.’

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BBC News, 26th July 2021

Source: www.bbc.co.uk

Fraudster jailed for duping over 200 victims in million-pound fake car sales scam – Crown Prosecution Service

Posted July 19th, 2021 in Crown Prosecution Service, fraud, imprisonment, money laundering, news, sentencing by michael

‘A fraudster posing as a car salesman has been jailed today (16 July 2021) for defrauding over 200 unsuspecting car buyers out of more than one million pounds.’

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Crown Prosecution Service, 16th July 2021

Source: www.cps.gov.uk

Anti-money laundering expert convicted of siphoning criminal money abroad – Crown Prosecution Service

Posted June 25th, 2021 in Crown Prosecution Service, fraud, money laundering, news by tracey

‘The former chairman of a UK group that represents the payment services industry has been convicted today (23 June 2021) of laundering the proceeds of an investment fraud worth £850,000 and involving more than 60 victims.’

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Crown Prosecution Service, 25th June 2021

Source: www.cps.gov.uk

Aram Sheibani: International drugs boss with luxury lifestyle jailed – BBC News

Posted June 11th, 2021 in conspiracy, drug offences, drug trafficking, forgery, fraud, imprisonment, money laundering, news, perverting the course of justice, sentencing by tracey

‘A man who was the “very head” of a large-scale international drugs conspiracy with links to Colombia has been jailed.’

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BBC News, 10th June 2021

Source: www.bbc.co.uk

FCA launches proceedings against NatWest over alleged money laundering – The Guardian

Posted March 16th, 2021 in banking, financial regulation, money laundering, news, prosecutions by tracey

‘The City watchdog has begun criminal proceedings against the taxpayer-owned lender NatWest for allegedly failing to prevent money laundering, the first prosecution brought under money laundering regulations introduced in 2007.’

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The Guardian, 16th March 2021

Source: www.theguardian.com

Romance fraud on rise in coronavirus lockdown – BBC News

Posted February 10th, 2021 in coronavirus, fraud, identity fraud, internet, money laundering, news, statistics by sally

‘Romance fraud – scamming someone out of money by pretending to want a relationship – has been on the rise during lockdown.’

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BBC News, 10th February 2021

Source: www.bbc.co.uk

People smugglers jailed for total of 78 years over deaths of 39 Vietnamese migrants – The Independent

Posted January 25th, 2021 in gangs, homicide, money laundering, news, sentencing, trafficking in human beings, victims, Vietnam by tracey

‘Four people-smugglers have been jailed for a total of 78 years over the deaths of 39 Vietnamese migrants, whose bodies were found in a lorry container in Essex in October 2019.’

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The Independent, 23rd January 2021

Source: www.independent.co.uk

Extensions to the Anti-Money Laundering Compliance Regime – Family Law Week

Posted November 26th, 2020 in disclosure, families, financial advice, legal profession, legal services, money laundering, news, regulations, statutory duty, taxation by tracey

‘Matthew Moore, director of Infolegal, advises family lawyers of their obligations under anti-money laundering regulations following changes [to the] wording of what constitutes taxation advice.’

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Family Law Week, 24th November 2020

Source: www.familylawweek.co.uk

Unexplained Wealth Orders: Suspected money launderer gives up £10m of property – BBC News

Posted October 7th, 2020 in confiscation, money laundering, national crime agency, news, proceeds of crime, unexplained wealth orders by tracey

‘Around £10m of property has been surrendered in a major victory against some of northern England’s most dangerous criminals. The apartments and homes were given up to the National Crime Agency by a Leeds businessman who investigators suspect of being a major money-launderer.’

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BBC News, 7th October 2020

Source: www.bbc.co.uk

Furlough Fraud – The Coming Storm – 33 Bedford Row

Posted July 30th, 2020 in coronavirus, fraud, money laundering, news, remuneration, tax evasion by sally

‘On the 8th of July 2020 the first reported arrest took place in the West Midlands of a 57-year-old man suspected of “furlough fraud”. The arrest and search of his property has been reported widely in the national media. It was reported that following arrest the man had his computers, digital devices and documents seized in relation to an alleged £495,000 fraud. His bank accounts have been frozen.’

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33 Bedford Row, 27th July 2020

Source: www.33bedfordrow.co.uk

Lawyers have become “de facto agents of Russian state” – Legal Futures

Posted July 22nd, 2020 in Law Society, money laundering, national crime agency, news, Russia, select committees, solicitors by sally

‘Lawyers have become “de facto agents of the Russian state” by helping to smooth the way of Russian money entering the UK, according to Parliament’s Intelligence and Security Committee.’

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Legal Futures, 22nd July 2020

Source: www.legalfutures.co.uk

Commerzbank fined £38m by UK watchdog for money-laundering failings – The Guardian

Posted June 18th, 2020 in banking, financial regulation, fines, money laundering, news by sally

‘The UK’s financial regulator has fined Commerzbank £38m for money-laundering failures, including an “out-of-control” system for checking clients.’

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The Guardian, 17th June 2020

Source: www.theguardian.com

Corporate failure to prevent abuses – Law Society’s Gazette

Posted April 7th, 2020 in civil justice, company law, financial regulation, fraud, human rights, money laundering, news by sally

‘While debate rumbles on over the extension of ‘failure to prevent’ offences into the broad spectrum of financial crime, including fraud and money laundering, some have called for their introduction into an altogether different sphere: human rights.’

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Law Society's Gazette, 6th April 2020

Source: www.lawgazette.co.uk

Gambling firm Betway hit with record £11.6m penalty – BBC News

Posted March 13th, 2020 in consumer protection, fines, gambling, money laundering, news, ombudsmen by tracey

‘Online betting firm Betway has been hit with a record penalty of £11.6m for failings over customer protection and money-laundering checks.’

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BBC news, 12th March 2020

Source: www.bbc.co.uk

Unexplained Wealth Order focuses on London mansion – BBC News

Posted March 10th, 2020 in money laundering, news, unexplained wealth orders by tracey

‘A high-security mansion on one of London’s most exclusive roads is the target of the UK’s latest use of Unexplained Wealth Orders (UWOs).’

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BBC News, 10th March 2020

Source: www.bbc.co.uk

Tommy Adams ordered to repay £1.24m for dirty cash laundering operation – Crown Prosecution Service

Posted February 28th, 2020 in assets recovery, money laundering, news, proceeds of crime by tracey

‘Thomas “Tommy” Adams has been ordered to repay £1,243,270.75 for his part in a dirty cash laundering network. Adams ran a money laundering operation with his associates, which was foiled in 2014 when undercover police heard him discussing the illicit activity at a central London café.’

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Crown Prosecution Service, 27th February 2020

Source: www.cps.gov.uk

“The Magnitsky Act – What Now for the Future in the UK” An Article by Lesley Manley – Church Court Chambers

Posted February 26th, 2020 in chambers articles, human rights, money laundering, news by sally

‘The “Magnitsky Act” is a trailblazing piece of legislation enacted by the United States. Lesley Manley looks at developments thus far in the UK and considers how the UK jurisdictions will proceed following the withdrawal from the European Union.’

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Church Court Chambers, 26th February 2020

Source: churchcourtchambers.co.uk

SRA money laundering supervision to extend to tax advice – Legal Futures

Posted February 19th, 2020 in immigration, law firms, money laundering, news, solicitors, Solicitors Regulation Authority, taxation by sally

‘The Solicitors Regulation Authority (SRA) could face a cash shortage if the new anti-money laundering (AML) rules increase the number of firms it supervises, it has warned.’

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Legal Futures, 18th February 2020

Source: www.legalfutures.co.uk

Lessons learned from account forfeiture proceedings (NCA v Vlad Luca Filat) – 5 SAH

Posted January 16th, 2020 in bribery, corruption, forfeiture, money laundering, news by sally

‘The Crown Court dismissed Vlad Luca Filat’s appeal against the decision to forfeit £500,000 held in three bank accounts in his name. The court held that the money derived from bribery and corruption offences committed by the appellant’s father, the former prime minister of Moldova, and was obtained by money laundering. The case was the National Crime Agency’s first contested account forfeiture application. James Fletcher, barrister at 5SAH Chambers, who appeared for the National Crime Agency, suggests that these types of applications are likely to be deployed more and more often.’

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5 SAH, 14th January 2020

Source: www.5sah.co.uk