R v A&A - Money Laundering £65 Million By Hawala Banking Methods
Expert Money Laundering Solicitors represented two men accused of running a Money Transfer Business (Hawala Banking) and Money Laundering more than £65 million of funds derived from criminal activities to South Asia.
Despite registration with HMRC and regular inspections returning positive feedback, the prosecution allege that the two men, over a period of 6 years agreed to receive, deposit into their bank account, exchange the funds to dollars and then transfer them to South Asia; without obtaining and retaining the remitters’ identification and evidence of the source of the funds.
The allegation goes to the heart of onerous requirement in the Money Laundering Regulations 2010 which govern the diligence Money Transfer Businesses must employ before agreeing to send funds abroad.
Stuart Miller Solicitors’ Fraud Solicitors were engaged in making international enquiries and securing evidence from Afghanistan and Pakistan.