Convictions for money laundering continued apace in the lead up to
the festive break.
18 years jail for gang who laundered funds stolen from German
Bank
Four men who undertook extensive laundering of $15.5m which was
stolen from a German Bank eleven years ago were sentenced in early
December. They received jail terms ranging from two to eight years
while assets have been restrained in the UK, Spain, Portugal and
Australia. Aspects of the laundering scheme involved the targeting
of vulnerable council tenants to secure local authority properties
for redevelopment.
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Gang of 15 jailed for 250m VAT fraud
December 2011 saw the end to a prosecution which had spanned
eight years and involved a 250m VAT fraud. While the 15
members were sentenced to just over 97 years jail between them, the
action to recover the monies has been less successful.
Since 2008 only 1.61m has actually been returned to
consolidated revenue. Just under 8.5million is currently
subject to confiscation orders, but less than 1m of those
assets are currently restrained. A further three confiscation
orders are pending with 15m in assets in relation to those
proceedings actually restrained. However given that two of the
individuals awaiting confiscation received the lightest sentences
of the gang it seems unlikely that total confiscation orders will
ultimately be levied on much more than a tenth of the value of the
fraud.
A further disappointing feature of this case is that while most
of the offenders opened bank accounts with the proceeds of the
crime and transferred the funds nationally and internationally,
only one offender was charged with money laundering. He was
sentenced to nine years jail for that offence.
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Account jailed for 6 years for laundering drug money -
Wilmslow
An accountant who laundered more than 1.2m for his drug
dealing boss was jailed for six years. The laundering process
involved the creation of a complex web of international trusts and
companies in jurisdictions including the UK, the BVI, the
Seychelles and Azerbaijan. The accountant utilised a hotel, also
purchased as a part of the laundering scheme, to proceed to defraud
his boss to fund his lifestyle.
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Gang jailed for tax credit fraud using foreign nationals-
Maidstone
A criminal gang recruited a Slovakian women to fraudulently
apply for tax credits and continued to claim those credits after
the women left. They were convicted of Tax Credit Fraud and money
laundering and each received sentences ranging from three to four
and a half years.
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Luxury lifestyle nabs money launderers - Manchester
Designer handbags, luxury cars and an expensive wedding while
living on benefits and a 15,000 wage from a car rental firm
landed one Manchester couple in jail for money laundering. The
prosecution was not required to demonstrate that they had engaged
in any specific criminal activity but rather the court was
satisfied that the complete lack of a legitimate explanation for
the source of funds meant that they were criminally obtained. She
received an 18 month sentence while her husband was sentenced to
11years jail for money laundering, arson and escape from
custody.
Read
more
Family jailed for laundering proceeds of father's tax evasion
- London
A family whose father's company failed to pay appropriate income
tax on his security guard business has paid a hefty price. His wife
and three daughters were convicted of laundering 1.3m
through their bank accounts. The mother was sentenced to 16 months
imprisonment and the daughters each received community service
orders with suspended prison sentences.
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Drug money launderers caught red-handed - Yorkshire
Three drug money couriers were convicted of money laundering
after money contaminated with heroin was found in their car when
they were pulled over by police. They received sentences ranging
from 30 months to a nine month suspended sentence.
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Money mule jailed for 26 weeks - Reading
A young man from Reading was found guilty of allowing his bank
account to be used to transfer the proceeds of crime outside of the
UK. The jury had accepted that he initially did not realise that
his actions were wrong but that he came to suspect that he was
being used for a 'fraudulent purpose'.
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Loan shark given suspended sentence for laundering -
Cumbria
An unlicensed money lender was given a nine month suspended
sentence for laundering funds received from his illegal
business.
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Footballer convicted of money laundering - Cambridge
A Cambridge footballer has received a six month suspended
sentence for laundering funds received through an eBay credit card
scam.
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Portfolio criminal loses cash as penalty for laundering -
Doncaster
A Doncaster man who had committed a series of frauds to fund a
portfolio of properties and his tanning salon business, obtained a
loan by deception, failed to declare income for tax purposes and
was in possession of 10,000 illegal cigarettes was sentenced to two
years in jail. He was convicted of a money laundering charge for
possessing 50,000 in cash, the origin of which he could not
explain. He did not receive any jail time for this offence but the
cash was forfeited.
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