To the man on the street, money laundering suggests a high street business which doesn’t serve any customer. A ‘front’ by which the financial proceeds of crime can be turned from ‘tainted’ money into clean cash, ready to be spent. While ‘front’ businesses have not gone away, this is an outdated stereotype of money laundering.

Yet clients charged with money laundering will occasionally tell us that they have not opened a business, nor have they laundered any cash.

It stems from a common misunderstanding as to what money laundering means.

What is money laundering?

Money laundering is prosecuted as some form of manipulating ‘criminal property’. The first question is, therefore, what constitutes criminal property?

Under the Proceeds of Crime Act 2002, ‘criminal property’ is property which the alleged offender knows or suspects constitutes or represents benefit from any criminal conduct. In other words, if an individual sells a stolen good, the money they receive for it is criminal property. As another example, money gained through tax fraud is also considered criminal property, since tax fraud is a criminal act.

What are the main types of money laundering offences?

• Concealing, transferring, converting criminal property: This is a wide offence. Any efforts to move criminal property around will attract investigation under this heading. The property does not have to be cash moving funds around between bank accounts will satisfy. As will storing criminal property belonging to other people.

• Using, acquiring or possessing criminal property: This means having criminal property on your person or in your disposal. Sometimes described as ‘handling stolen goods’ for articles which have been stolen.

Why have I been charged with money laundering alongside another offence?

If you have been charged with an offence which implies financial gain (selling drugs, fraud, theft etc.), the authorities may also charge a money laundering offence. These offences usually combine at the sentencing stage in one concurrent sentence, if you are convicted of all of them and they arise out of the same facts.

I have been charged with money laundering, what now?

If charged, you are then required to attend the Magistrates’ Court to answer the charge at a ‘plea before venue’ hearing. Sometimes the police will keep you in the cells until your hearing, sometimes you will receive a letter giving you a date to attend court.

Any period between charge and trial is likely to be long. If your assets are frozen, simple daily expenditure can become difficult to meet. We can help you alter the restraint order, so that you can access more of your money as you await trial.

How do I hire a lawyer?

At ABV we have a dedicated team with a wealth of experience defending those accused of money laundering. Should you face any investigation, it is critical that you take immediate legal advice so you can benefit from the best possible defence. If proceedings are already underway, instructing a lawyer is still the best course of action.

Please call ABV Solicitors on 0344 587 9996 to speak to our specialists.