Money laundering and your business

The widening of the Proceeds of Crime Act in the UK in 2002 means that now there are a wider set of offences and more actions that can be taken by the regulators if money laundering is suspected or confirmed in a business.

What are some of the issues you might face in running your business?

• Being able to show that you “know your customer” especially where you deal with information and financial transactions
• Being given a “production order” by the authorities and needing to understand what information you need to give, and what information is outside the scope of the order
• How to avoid “tipping off” someone who is suspected of potential money laundering offences
  
• Recognising and understanding what money laundering is, and what your responsibilities as a business owner are
  
• Where to seek help if you are faced with a criminal investigation
  
• What the implications are for your business
  

As a business owner it is absolutely key that you understand what your responsibilities are, for instance in keeping good business records, so that you don’t accidentally risk an even bigger issue for your business. Plus, many of the points around money laundering help you to assess risk levels within your business and any other potential risky or fraudulent activities which may be happening internally.

Finding out about your responsibilities can be done through some initial research into money laundering regulations. If you are faced with an investigation or believe you have an issue, then it is best to seek advice from a money laundering solicitor, who can help you to understand fully the issues and what actions you need to take.

Resources:

Anti-money laundering services

ICAEW money laundering regulations

UK criminal law firm

SOCA resources on money laundering