Two men have been jailed over a £20million money laundering operation
25 January 2012
Two men were today jailed for a total of 17 years for laundering £20million of criminal cash through a foreign exchange counter.
Andrew Barnett, age 45, and Daniel Keenan, 41, sparked suspicion after they made 22 separate cash transactions of more than £400,000 in a 10-month period.
The Metropolitan Police's National Terrorist Financial Investigation Unit, part of the Counter Terrorism Command, launched an investigation and turned their expertise to this criminal case.
Detectives arrested Andrew Barnett on 26 November 2009 after he changed half a million euros in cash at a money service bureau in Marble Arch.
Although Barnett could not account for the cash he was holding at the time of his arrest, his co-defendant Keenan presented himself at a police station four days later.
Keenan told police he was an HMRC-licensed money service bureau and that Barnett was his business associate. He said Barnett changed the cash on his behalf as part of a legitimate enterprise.
However detectives subsequently found that Keenan's HMRC license had been fraudulently obtained.
They also found that the transaction receipt for the €500,000 showed the exchange was made on behalf of a company called Furnbroke, registered in Gibraltar.
Keenan and Barnett had set up this company using a cloned corporate identity. They used a series of complex financial transactions and false accounts under different names to evade detection.
The total amount of money they cleared was almost £20million, including 300 cash transactions, 22 of which were over £400,000.
Barnett and Keenan admitted in court that the cash was the proceeds of crime of the most serious nature. Upon sentencing his Honour Judge Lorraine- Smith said: "We can only assume the proceeds were from Class A drugs."
Keenan also admitted dishonestly obtaining a passport and using a false identity to open a bank account.
Both men were jailed at Southwark Crown Court on 25 January for converting criminal property contrary to section 327 Proceeds of Crime Act 2002.
Keenan was jailed for 11 years and Barnett was jailed for six years.
Upon sentencing his Honour Judge Loraine-Smith said: "I commend Detective Sergeant Pete Barnes and Detective Constable Steve Waterworth for their performance in the investigation, in dealing with numerous leads and explanations provided by the defendants which were all undermined leading to their conviction."
Detective Superintendent Teri Nicholson from the Counter Terrorism Command said: "Today's sentence reflects the seriousness of their offences and we hope it sends a clear deterrent message to others involved in trying to launder the proceeds of crime.
"Andrew Barnett and Daniel Keenan went to great lengths to make their enterprise appear a legitimate business.
"However our detectives worked hard to expose the serious criminal origins of their cash and to bring that evidence before the court."
Defendants' details:
Andrew Barnett [dob 17/02/1966] of Nelson Road, Twickenham
Daniel Keenan [dob19/11/1970] of Winslade House, Egham Hill
Keenan pleaded guilty at Southwark Crown Court on 2 September 2011 and Barnett pleaded guilty on 19 September 2011.