The UK’s Largest Money-Laundering Prosecution: Why Your Solicitor Needs to Know Your Source of Funds
What did this case involve?
On Tuesday 4th March 2025, four individuals were sentenced for their involvement in a £266 million money laundering scheme tied to Fowler Oldfield, a Bradford-based scrap jewellery business. The scheme, one of the largest in UK history, was exposed after an investigation by West Yorkshire Police’s Economic Crime Unit. The defendants, Gregory Frankel (11 years, 8 months), Daniel Rawson (10 years, 10 months), Haroon Rashid (10 years), and Arjun Babber (11 years), were convicted after laundering criminal cash through the company from 2014 to 2016.
The investigation revealed that couriers were transporting large amounts of cash, sometimes over £1.7 million daily, using food containers, sport bags and gift boxes. This money came from a variety of criminal activities, such as drug trafficking and other forms of organised crime. The cash was then laundered by being deposited into the company’s accounts and used to purchase untraceable gold grain, which was often exported from the UK. The authorities seized over £2.1 million during a raid in 2016, and no one came forward to claim the money, which helps to prove that the cash was “dirty money”, used for illicit purposes.
Why is this case significant?
The investigation into this case has caused a large-scale criminal operation, which is sending a strong message against laundering illegal funds, whilst also emphasising the impactful role of money laundering in facilitating criminal activities like drug trafficking for the public, and law firms.
It highlights how criminals can exploit legitimate businesses for illegal purposes. Understanding how these proceeds work, and being aware of this case in particular, can help the public become more aware of suspicious activities in their local communities, which may be part of larger criminal schemes. It also raises awareness of the importance of why law firms must take their compliance seriously.
How does this case affect you if you are thinking of purchasing a property?
If you are thinking of purchasing a property, you will need to provide evidence of your source of funds. Your solicitor needs to know not only that you have sufficient funds and where the money is being transferred from but also how it was earned. Source of funds evidence is having a paper trail that shows how the money in your account was built up. Please read our blog on Source of Funds for some more information. The reason we, and all other solicitors, do this, is for the reasons evidenced in this case. We need to ensure that money being used is not obtained through illegal activities, which helps prevent criminals from using the property market to “clean” / “legalise” illicit funds. Many people may think that us asking for this evidence is being “nosey”, which is not the case.
We are continuously on alert to protect Attwells and the public from funds invested in the property market from illegal proceeds.
If you have any further questions about the process for purchasing a property and what you will need to do to assist your solicitor please contact Attwells today on 01473 229200. We will be happy to assist you.
