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Business Crime team successfully represented Director in £300,000,000 Money Laundering Trial

09 November 2010

Our Business Crime & Regulation team successfully represented a former City Currency Broker charged with the laundering of over £300 million through World Wide Currency Limited. The HM Revenue and Customs prosecution followed allegations that the pair were key players in a sophisticated money laundering operation, laundering the proceeds of a large scale MTIC (VAT) fraud. During the case the Money Laundering Regulations 2003 and 2007 were scrutinised, in particular the personal responsibilities of those in positions of authority within the regulated sector. HMRC have been conducting detailed investigations into MTIC frauds and the monies generated from these frauds over the last four years, and this case was brought by HMRC following these investigations. This case was reported in the Evening Standard (02.11.10), This Is Cornwall (02.11.10) and This Is Kent (05.11.10).