A recent Crown Court decision has determined that almost the entire turnover of unlicensed money transmission may be confiscated following conviction.
Anita Clifford joined fellow specialist legal practitioners and enforcement authorities in commenting on the case of Jiang and the ruling of 19 March 2021 for a piece in moneylaundering.com published 10 May 2021. Previously the conventional position was that only the profits of such businesses were vulnerable to confiscation. The case reflects a significant development in the recoverability of the proceeds of unregistered Money Service Businesses. Click here to read the article in full (paywall).
