Proceeds of Crime Act Money Laundering Offences
Confiscation proceedings are being increasingly used as a method to further punish those convicted of various criminal offences, in which some benefit has been derived from the proceeds of crime.
There are various prosecuting authorities who have within them specialist financial investigation units designed specifically to target individuals and recoup as much money as possible.
These organisations include Crown Prosecution Service (CPS), Serious Organised Crime Agency (SOCA), Department of Work and Pensions (DWP) and HM Customs and Excise.
It is crucial particularly in this area of law that a very cautious analytical approach is adopted.
The law governing proceeds of crime, money laundering offences and confiscation proceedings can be very complex to understand. At Qamar Solicitors we have a specialist experienced team of Solicitors who deal day in day out with these areas. The department is headed by Khaleeq Zaman, alongside Qamar Islam and assisted by Emily Price.
Qamar Solicitors are a member of the Very High Cost Case Panel (VHCC), which was set up by the Legal Services Commission in January 2008. The introduction of the VHCC Panel replaced the Serious Fraud Panel. VHCC Panel cases involve, by necessity the perusal of voluminous documents containing evidence of a complex and forensic nature.
Membership of the VHCC panel is a noteworthy achievement for any Criminal firm, as the award recognises the concerted effort, dedication and expertise of pre-eminent firms.
There is only so much that can be detailed on our website. We strongly advise that if you are facing confiscation proceedings, then you should seek our expert advice as soon as practicable.
We have aimed to outline in simple layman’s terms what the law and procedures are regarding proceeds of crime, money laundering and confiscation proceedings:
Proceeds of Crime
The law governing Proceeds of Crime and money laundering is contained within the Proceeds of Crime Act (POCA) 2002.
The definition of proceeds of crime in simple terms is as follows; Monies received from someone’s involvement in criminal conduct. Examples of what may constitute proceeds of crime are as follows:
- Monies received from drug dealing (profit)
- Monies received from a Burglary/Robbery
- Monies received from fraudulent activity
- Monies received from self employment,
however either not declared or under declared to the “tax man”, could constitute the proceeds of crime.
Money laundering is the process which involves converting the proceeds of crime monies into legitimate monies. In simple terms it is the process of converting/washing “dirty” money into “clean” money.
It is a criminal offence to conceal, convert, disguise or transfer criminal property or to use or possess criminal property. This means that anyone who has come into contact with the proceeds of crime (whether knowingly or not) may be committing an offence.