New clampdown on money laundering
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Laws to prevent money laundering in the UK are being extended to a number of new business sectors. Lawyers, accountants, casino bosses and estate agents could all now face prison if they fail to report suspected fraud. It comes under an extension to the Proceeds of Crime Act, that previously only applied to banks, to further clamp down on money laundering. Under the act, anyone with suspicions is obliged to contact the National Criminal Intelligence Service (NCIS). Strict conditions Steven Philippsohn, an expert in money laundering at legal firm Philippsohn Crawfords Berwald, said that, currently, not enough frauds are being reported. “At present only 25% of frauds are reported in the UK because companies are worried about the damage reported such crimes can do to their reputations, and criminals exploit this,” he said. “As of today (Monday), UK firms can’t sweep money laundering under the carpet.” More : news.bbc.co.uk |