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Money-laundering prison sentences reach record high

The average prison sentence for money-laundering has increased by 8% in the last year, according to new research. The research by Thomson Reuters revealed that average jail time increased to 27 months in 2018, up from 25 months in 2017.

The past decade has seen an increase by 30% in the average prison sentence for money-laundering offences (from 20.5 months in 2008). The increase comes in the wake of new sentencing guidelines issued in 2014 and shows that officials have been cracking down on offenders.

The new sentencing guidelines allow more flexibility for prosecutors to push for longer sentences and to appeal sentences that they consider to be too soft.

The research also showed that there were fewer fines for money-laundering, perhaps indicating that officials view prison sentences as a more effective deterrent. Indeed, with the higher-stakes of these longer sentences at play, it will no doubt focus companies’ attention on compliance with the regulations.

The Government has pledged to crack-down on the “dirty-money” coming through the country’s businesses, so it would be unwise for companies to ignore money laundering issues that could be happening on their watch.

 

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About this Author

Garon Anthony, Squire Patton Boggs, litigation attorney
Partner

Garon Anthony is a partner in the Litigation Practice Group. He has specialised in dispute resolution work since he qualified as a solicitor and has considerable experience in general corporate and commercial litigation work, acting for both private and public sector clients.

Garon regularly resolves disputes for clients in the financial services/insurance sector. That encompasses professional negligence, fraud issues/recovery processes, dealing with claims and complaints by customers of the mis-selling of retail products, handling insurance policy coverage disputes for corporate...

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Rose Chaudry, Squire Patton, Commercial Litigation Lawyer, Tortious Contracts Attorney
Associate

Rose Chaudry is an associate in the Litigation team with expertise in general commercial litigation. Rose qualified in September 2015 after completing her training contract with the firm.

Rose regularly acts for a diverse client base, including individuals and companies, from SMEs to PLCs. Rose has experience advising on a wide-range of matters of both a contractual and tortious nature, including breach of contract, breach of warranty, debt recovery, professional negligence and insurance.

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