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News - 14 March 2013

Accountant & solicitor jailed for VAT fraud

A Scottish accountant and solicitor have been jailed for laundering more than £1.8m from VAT frauds.

The accountant was jailed for two-and-a-half years for money laundering, and the Solicitor received four years for money laundering, six months on income tax fraud and six months for failure to report criminal activity under the Proceeds of Crime Act.

 David Odd, assistant director at HMRC for criminal investigation in Scotland, said that given their professions, the pair both knew they were breaking the law.
“They chose to abuse their positions of trust for the opportunity of making what they wrongly assumed would be easy money at the expense of the UK taxpayer,” he said.

The £1.8m proceeds of VAT fraud, linked to European sales of computer parts, had been laundered through bank accounts in Greece, Cyprus and Switzerland by both the solicitor (Richard Housley) and the accountant (Caroline Jane Laing).

Stuart Coleman, Money Laundering and Fraud Reporting Officer at ABDS comments:
“A confiscation hearing to recover the proceeds will take place on 25 March at Edinburgh High Court. If you are aware of any activities similar to this you should report it immediately.”

If you need any help and advice for your business on Corporation Tax or VAT contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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