🚨 What is money laundering? 🚨
Money laundering is a criminal offence by which the proceeds of criminal activities, such as fraud or bribery, are converted into assets which appear to have a legitimate origin.
Typically, it involves disguising the origins of “dirty” money and moving it through complex financial systems, businesses, or overseas accounts, so that it can be withdrawn later and either retained permanently by criminals or recycled into further criminal activity.
The SFO plays a vital role in tackling this type of offending, and we have investigated major money laundering schemes that involved millions of pounds and spanned international borders. Some notable cases include:
💰 Axiom Legal Financing Fund – Timothy Schools was convicted and sentenced to 14 years in prison in 2022. His convictions included money laundering offences, carrying out a fraudulent scheme to divert money from the Axiom Legal Financing Fund for his own benefit.
🎫 Xclusive Tickets – This operation falsely sold thousands of tickets to major events, including the Beijing Olympics, defrauding over 10,000 people of at least £3.7 million. The company director, Terence Shepherd, was convicted of fraud and money laundering, and was ordered to relinquish over £1 million in proceeds of crime that was refunded to victims.
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