Jurisdiction(s):
United Kingdom
United Kingdom
Key definition
Cheat definition What does Cheat mean? In legal practice, cheat describes dishonest conduct intended to prejudice another person’s proprietary or financial rights and is often used as a shorthand for fraud or defrauding. It denotes deliberate dishonesty causing loss or risk of loss. As a formal offence, usage varies. In England and Wales the historic common law misdemeanour of “cheat” has been abolished, but two specific contexts remain: (i) cheating the public revenue (a common law offence involving fraudulent conduct that deprives or risks depriving HMRC of revenue); and (ii) cheating at gambling under section 42 of the Gambling Act 2005, which criminalises dishonest deception or...
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UK AML, CTF and Counter-proliferation Financing under POCA 2002, TA 2000 and MLR 2017: Duties, Red Flags and SARs for Lawyers
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Precedents
What is Money laundering?
Money laundering is the method by which criminal proceeds, along with their genuine source and ownership, are altered so they seem lawful. Put simply, criminals seek to conceal where the money came from and who owns it.
How does money get laundered?
Ordinarily, laundering unfolds in three commonly recognised phases: placement, layering, and integration.
- Placement — introducing illicit assets into the financial system. This may involve splitting substantial cash holdings into modest sums, or utilising a broad range of financial instruments (for example, cheques or money orders) lodged at multiple separate venues.
- Layering — shifting funds already lodged within the financial system to conceal their unlawful origin. This is commonly done through numerous intricate transactions, often using complex offshore company structures and trusts.
- Integration — after the source of the funds is masked, the money must ultimately surface back within the financial system as bona fide income. This stage includes investing in legitimate enterprises and other assets, such as buying property, or establishing trusts.
We are most likely to encounter the layering phase, though we could, in principle, potentially become involved at any stage.
What are the principal money laundering offences?
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Web page updated on 22/05/2026
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