View more on these topics

Three year sentence for money laundering

Veysi Ertekin was today sentenced to three years imprisonment at Middlesex Guildhall Crown Court for money laundering the proceeds of drug dealing.

Officers from HM Revenue & Customs observed two men, Mohsen Sadeghi-Kivi and Mansour Mohammadi collecting bags from other individuals in suspicious circumstances. Two of these hand-overs were between Mohammadi and Veysi Ertekin.

Sadeghi-KiviI and Mohammadi were then observed visiting various banks at which they deposited small amounts of cash, usually under the 5,000 minimum amount as specified by the Proceeds of Crime Act 2002.

By introducing the money into the legitimate banking system, the criminal funds were effectively laundered. It is believed that Sadeghi-Kivi and Mohammadi had banked well in excess of 500,000 of criminal proceeds over the indictment period. Both men have already received jail sentences for their part in the crime.

Ian Watson, deputy head of Serious Financial Investigations says: “Today’s verdict is a significant result in the fight against money laundering. The sentences imposed and the confiscation orders reflect the serious nature of the offences these men have committed.”

At the sentencing his Honour Judge Karsten said: “Your offence was a very serious one. Without people like you, big drug dealers would not be able to get rid of the proceeds of the sale of their drugs. Your actions facilitated the drug dealers. I have not the slightest doubt that you knew what you were doing.”

This case was successfully prosecuted by the newly established Revenue and Customs Prosecutions Office. RCPO is an independent prosecuting authority that reports to the Attorney General, and is responsible for the prosecution of all HMRC cases in England & Wales.

Recommended

Pink reduces rates in First National branded range

Pink Home Loans has improved the rates across its branded lending range funded by First National. Fixed rates are now 0.25% better than the old range, and discounts have been increased to 1.65% for 1 year and 1.15% for 2 year discounted products. Best selling products in the range include the 2-year fixed products in […]

BM pulls the plug on 48 of its 67 branches

Birmingham Midshires has revealed that it’s set to pull the plug on 48 of its 67 branches, through a phased programme concluding in March 2006.Following completion of the closure programme, existing BM based branch customers will have the option of banking at their nearest Halifax branch, the majority of which are within 300 metres of […]

Tricky question of who will pay for our future

The debate about the declining birth rate and the effect this will have on future demographics is one that exercises policy makers. Last week pensions minister Alan Johnson, addressing delegates at the TUC conference, urged trade unions to face the facts on pensions provision, as changing demographics put pressure on the state. He said declining […]

Advisers should still dress for success

Interesting to see Barclays amending its dress code by pulling back from free-for-all largesse to a more structured business casual look. This mirrors the trend that has seen an increasing number of companies drifting back to a more formal dress code for staff at work. Over the years, the debate over dress code has occupied […]

Newsletter

News and expert analysis straight to your inbox

Sign up