According to a freedom of information request by the London law firm Howard Kennedy.
ONLY FIVE PEOPLE have been convicted of money laundering in the ten years since the legislation was tightened.
- The first conviction under the new regulations was not until 2012,
- with four further convictions in the following three years.
- The FOI request also found five more proceedings
The Money Laundering Regulations were introduced in 2007, creating over 20 offences in an attempt to fight financial crime which could result in maximum sentences of two years on conviction.
The regulations apply to a number sectors, including financial institutions, lawyers, accountants, casino operators and estate agents, requiring them to have in place robust anti-money laundering policies and procedures, including customer due diligence, training and monitoring.
The offences are prosecuted by HMRC and the DPP amongst others and can be committed by a body corporate as well as an individual and Compliance with the regulations is monitored by industry regulators including the FCA and the SRA.
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