Businesses conducting financial transactions with their customers need to be knowledgeable about anti-money laundering (AML) regulation and understand how to raise suspicious reports to the regulators. Quinn Legal’s expert Corporate Crime Unit is highly-experienced in offering AML advice, giving insight into regulatory expectations for businesses, and in implementing preventative measures. Call us on 665522 to find out how our approachable advocates can assist your business.
Isle of Man Money Laundering: What You Need To Know
When people commit crimes, the aim is often to generate a profit. The profit gained from any criminal activity is illegal, and therefore criminals look for ways to place, layer and integrate their proceeds of crime to hide their illicit origins.
Money laundering is the term used to describe the process criminals use to clean the proceeds of crime. Legitimate businesses can find themselves the target of money launderers who want to pass their criminal proceeds through their company.
People who launder money are sophisticated in their methods. It can be extremely difficult to spot money laundering as the person your business deals with may seem believable and convincing.
Although money laundering can often be a hard to identify, there are important factors that companies must consider when conducting business with individuals and other companies.
If you’re dealing with a customer who is resident or operating from a less regulated jurisdiction, you might conduct more in-depth due diligence. People who are trying to launder money may not be able to provide sufficient evidence which could give rise for suspicion.
Many businesses handling money consider certain industries to be of high-risk. Mining, oil and gas, and pharmaceuticals are examples of industries that may raise a red flag.
In some cases, money launderers will try to make their transactions unnecessarily complex. This is called layering and if successful, the laundered money can be even harder to trace back to the perpetrator(s) involved.
For example, individuals or companies may try to spread their money across numerous corporate structures. This may go against the guidance that your business provides and be a red flag that they are acting suspiciously.
No commercial rationale
Often the way in which money launderers try to use their money will have no commercial rationale to it. For businesses handling monetary transactions, it may be obvious from the customer’s instruction that what they want to do makes no sense or has no seeming commercial benefit.
You May Need A Lawyer If You’re:
- You want to put preventative measures in place to protect your business from money laundering
- Allegations of money laundering have been made against you or your business
- Your business has unknowingly been involved in money laundering and you’ve been contacted by the authorities
- The police have executed search warrants in your offices or home
- You have your property seized and/or frozen by the imposition of restraint orders
How Can Quinn Legal Help?
Isle of Man money laundering is a serious criminal offence. The repercussions of laundered money can have a hugely damaging impact on any businesses that the illegal money has successfully passed through.
Likewise, for individuals or companies under suspicion of involvement in money laundering, the allegation can impact your reputation and have a dramatic effect on your life.
Quinn Legal’s Corporate Crime Unit can support the victims of money laundering, as well as those accused of committing an offence. With in-depth experience of criminal matters and acute knowledge of corporate structures, our team are best-placed to provide reassuring and comprehensive legal advice about money laundering matters.
For businesses, our team offers reliable and trustworthy solutions to meet your needs. We’ll work with your organisation and discuss implementing a number of money laundering prevention techniques, including:
- Staff training on AML procedures
- Reviewing existing AML policies and handbooks
- Auditing your KYC and customer due diligence procedures
- Supporting and advising on current AML regulation and financial authority expectations
Get In Touch Today
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