Money Laundering Will Not Take You As Far As Prison

Money Laundering Will Not Take You As Far As Prison

November 17, 2020, Vixio

Ian Hargreaves spoke with Vixio about the penalties around anti-money laundering violations. Mr. Hargreaves says, “AML offences generally do not result in custodial sentences. Instead, there is a focus on deterrence.”

He argues the four-year maximum sentence for AML offences demonstrates that the EU is looking to ramp up the deterrent effect and the consequences of getting it wrong. “Money laundering occurs due to the sophistication of criminals, failings in systems and controls, and basic human error,” he adds. “Mistakes can easily be made. Criminals are very good at using the financial markets to affect and launder the proceeds of crime no matter how much money and investment is thrown at trying to prevent it.”