Money Laundering

The investigation and prosecution of money laundering offences has changed dramatically in recent years, particularly following the coming into force of the Proceeds of Crime Act 2002 (“POCA”) and the Money Laundering Regulations 2003.  The Third Money Laundering Directive in 2005, made effective in the UK by the Money Laundering Regulations 2007, has strengthened anti-money laundering measures and extended them to terrorist financing, as well as making other important changes to the regulatory regime.

The money laundering offences are very widely drawn and are increasingly used by prosecution authorities in fraud and corruption cases, as well as in many other types of case involving acquisitive crime.  More than ever before, those suspected of money laundering require expert advice and representation.

BCL provides such expert advice and representation to financial institutions, law firms, accountancy practices, companies and individuals.  We also advise on compliance issues arising out of POCA and the Money Laundering Regulations 2007.  Our expert team of lawyers includes two of the authors of a forthcoming OUP book on money laundering law and regulation, one of whom is the immediate past-Chair of The Law Society's Money Laundering Task Force.

In addition, BCL also provides expert advice and representation in relation to cash seizure and forfeiture proceedings under Part 5 of POCA.  The power given to police and customs officers to seize, on suspicion, cash over £1,000 is being used with increasing frequency.  The threshold of suspicion is, in practice, very low and anyone carrying cash over £1,000 is at risk of having the cash seized and having, in effect, to prove that the cash is legitimate (that is, neither the proceeds of crime, nor intended for use in crime).  Our lawyers have extensive experience of cash seizure cases and a strong track record of obtaining the return of wrongly seized cash, often without the need for court proceedings.