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Division A7.1ÌýÌýÌýÌý Money laundering

Revised by

Sam Thomas

Barrister, 2 Bedford Row

and

Elena Elia

Senior Legal Counsel, Wells Fargo Bank

For updates affecting this Division please see Part A0 Updates

Money laundering—overview

A7.101 Introduction to money laundering

Since Al Capone was convicted of tax evasion in 1931, prosecutors and police forces have realised the power in combating crime through tracking the proceeds. Money laundering aims to thwart these attempts by law enforcement. It enables criminals to give illegal or 'dirty' money the appearance of deriving from a legitimate or 'clean' source; and there are a number of methods in which this can be achieved. Criminals can convert proceeds into cash and spend it; which may work for small amounts of money but is impractical for larger sums. The more sophisticated criminals use techniques such