Although the UK boasts some of the strongest anti-money laundering legislation in the world the report states it is a ‘global hub for money laundering’. The Global Organized Crime Index uses both qualitative and quantitative research to provide an assessment of global crime.
What does the report outline?
The report highlights that the UK is open to financial crime because much of the robust legislation and powers are ineffective. It outlines a distinct lack of political impetus to tackle the problem despite some indication that they are moving in the right direction.
Setting up a business in the UK is very easy, which is both extremely positive for entrepreneurs while leaving the country open to financial crime.
What is money laundering and why is it a problem in the UK?
Money laundering is defined as the conversion of the financial proceeds of crime into assets that appear legitimate. There are various offences that you may be charged with including placement, layering and integration.
The report outlines that the UK needs to improve its strategy and implement the regulatory policy.
Hundreds of billions of pounds may have been laundered in the UK every year. The actual figure is impossible to know because it is unclear how much money may have been laundered.
The UK is a dynamic environment that allows businesses to flourish. The simplicity of opening a company is often exploited by criminals from other countries looking to launder money. Many legitimate businesses facilitate money laundering schemes by being unwitting, negligent or complicit. These intermediaries are often the ones charged with offences. If you or your company has been accused of money laundering then get in touch.
For more details see our page on Money Laundering.
What can we do to help?
If accused of a financial crime such as money laundering, our solicitors can help.
When instructed, our financial crime legal experts help defend our clients from the initial police investigation through to the actual prosecution. We guide and explain processes including what happens during an interview and ensure that our client is represented accurately.
Our team help to minimise any reputational risk.