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I unwittingly laundered money. What should I do?

Personal Finance & Money Asked on January 28, 2021

Recently, I gave my bank account details to somebody who said they will be using my account to transfer money between personal accounts, and that I would get a commission out of each transfer.

Yesterday, I went to close my bank account with HSBC, and while closing my account they asked me questions about the previous transfers (like who did them and why).

I told them it forgot who it was but it was a transaction between friends. I am worried that they might prosecute me for fraud and not end up closing my account.

What should I do now? I am worried that they might put me in jail for being involved in money laundering. Should I admit what I have been doing?

2 Answers

The simple truth is that you contributed to which is highly likely to be money laundering, or at best an attempt to steal money from you. If you actually made any money off this arrangement you were enriched from this scam which would raise suspicion even more that you are a co-conspirator. It is going to be hard to convince people you didn't know you were participating in illegal activity. It seems to me you probably suspected it.

You may get some leniency because you were an unwilling accomplice in a serious crime, but I would definitely start by filing a police report to document that you were being scammed into this arrangement. You should be also talking to the bank also and make sure they understand this as well. Depending on how this goes, it might also be smart to call a lawyer for advice.

You asked in a (now deleted) comment if there is a way to hide this from your parents. That is an extremely bad idea. If you are a minor, you ABSOLUTELY want them to help you out with this. Only bad things will come from covering it up.

Answered by JohnFx on January 28, 2021

You might or might not have committed a crime, which might or might not be a big deal. We are not qualified to judge that. Only a legal professional who knows all the facts can. There might or might not be ways to get out of this unpunished, but we are not qualified either to tell you if doing anything in particular will make things better or worse. Only a legal professional can. So:

  1. Stop listening to strangers on the Internet.
  2. Tell your parents.
  3. Tell them they need to get you a lawyer.
  4. Be 100% honest to your lawyer.
  5. Do what the lawyer tells you to do.

Answered by Philipp on January 28, 2021

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