A solicitor is approached by a new client, Boris, who wishes to purchase a commercial property in London for £1.2 million. Boris explains that he recently sold a chain of restaurants in Eastern Europe and wishes to invest the proceeds in UK property. He says the funds will be transferred from a bank account in a jurisdiction with limited financial regulation. Boris wants the transaction completed quickly and is reluctant to provide detailed information about the source of his wealth.
At which stage of the money laundering process would Boris’s purchase of the commercial property most likely fall?