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Money Laundering Barristers

Barristers at St Pauls Chambers provide legal advice and strategy guidance on all aspects of financial crime including allegations of money laundering.

In1996 the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundering money. Certainly the amount of money laundered each year is in the billions and poses a significant concern for governments. The methods by which money can be laundered are varied and can range in sophistication from simple to complex. Money laundering in the UK is governed by four Acts of primary legislation:

Terrorism Act 2000

Anti-terrorism, Crime and Security Act 2001

Proceeds of Crime Act 2002

Serious Organised Crime and Police Act 2005

Unlike many other jurisdictions, UK money laundering offences are not limited to the proceeds of crime, nor are there any monetary limits, indeed a money laundering offence under UK legislation need not involve money, and in consequence any person who commits an acquisitive crime in the UK will inevitably also commit a money laundering offence.

Money laundering takes several different forms, but most can be categorized into one of a few types, Bank methods, Smurfing (cash is broken into smaller amounts to avoid anti money laundering reporting requirements), currency exchanges and double invoicing.

 

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