10/12/18

Money Laundering Crackdown | Kangs Fraud & Money Laundering Defence Solicitors

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Recent scrutiny of the Suspicious Activity Reporting regime, (SAR) and the hidden money laundering market generally, has resulted  in Ben Wallace MP, Minister of State for Security and Economic Crime setting out plans for the new multi-agency National Economic Crime Centre (‘the NECC’).

Who Will This Affect? | Kangs Solicitors Financial Crime Advisory Solicitors

Ben Wallace intends to focus the Government’s efforts on those establishments that are expected to report irregularities, through SAR, and who are considered to have previously ‘ducked the radar’ such as:    

  • High Street Solicitors firms
  • Estate Agents
  • Accountants
  • Public/Private Schools
  • Football Clubs
  • Luxury Car Garages

Ben Wallace, in an interview with The Guardian newspaper, commented:

“……we need further legal reform to help disrupt illicit funds and are calling for new powers to allow public and private sectors to share data to detect and prevent financial crime better.”

What Is Proposed? | Kangs Money Laundering & Unexplained Wealth Order Solicitors

The NECC will prioritise it’s investigations to the most serious of offending, with its focus of those entities mentioned above, which are referred to as ‘enablers’.

To further the above, the Government will look to increase the enforcement of the legislation dealing with Unexplained Wealth Orders (‘UWOs’).

Ben Wallace told the Law Society's Anti-Money Laundering and Financial Crime Conference 2018:

‘This is a new tool. We have to test the courts and get used to it. Some of the people we are interested in have very deep pockets and will challenge it at every stage.’ More such orders will be on the way, he said. ‘We will send the message that if we can’t get you, we’ll get your assets.’

For more detailed information, please refer to an article that we published earlier this year which explained UWOs:

How Can We Help You? | Kangs Money Laundering & Fraud Defence Solicitors

Cases of this nature require a legal team with specialist knowledge and extensive experience as they invariably involve complex legal issues by the very nature of the allegations faced.

Kangs Solicitors complex crime and fraud team provides a national service and is able to deploy a team of lawyers at short notice to conduct the most complex cases.

Our team of solicitors has a proven track record of assisting many individuals and businesses achieve the best outcome available following such criminal proceedings.

Please feel free to contact our team through the following:

Hamraj Kang
hkang@kangssolicitors.co.uk
07976 258171 | 020 7936 6396 | 0121 449 9888

John Veale
jveale@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396

Tim Thompson
tthompson@kangssolicitors.co.uk
0121 449 9888 | 020 7936 6396

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