Anti money laundering
Money laundering and the risks to an organisation’s reputation from involvement with organised crime or terrorism is an issue which many overlook at their peril. In the United Kingdom, the Proceeds of Crime Act 2002 places a legal requirement on businesses to report suspicions of money laundering or terrorist financing to the Serious Organised Crime Agency (SOCA). The cost to the UK economy alone is estimated to be in the region of £25 billion per annum.
The methods used by money launderers are many and varied. They can include the use of shell and off the shelf companies to give an air of credibility to their operations. In addition, sophisticated money launderers will employ professional advisers to assist them, many using quasi legitimate businesses to provide a front for criminality.
There are a number of ways to protect a business from money launderers and terrorist financiers, including robust management of systems and controls, clear and concise policies, due diligence and staff awareness training.
For more information about how we can help you, please contact our Counter Fraud department on 0191 285 0321or email your enquiry.