Money Laundering in UK Professional Services Sectors Not Understood

An Occasional Paper published by RUSI on 25 June claimed that UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to exploit businesses in the UK.  This followed three workshops convened in February and March that included representatives of law enforcement agencies, the professional services sector and NGO and news outlets.  It notes that reporting obligations and guidance under the Proceeds of Crime Act 2002 rely on the identification of specific proceeds of crime, which may not be immediately possible where professional services, rather than banking and direct finance activities are involved.  It makes a series of recommendations to address the challenges identified, including: more innovative ways to share and analyse data; greater proactive use of third-sector information; and examination of the reporting requirements in relation to the Section 329 ‘arrangements’ offence under POCA, which is the one most likely to be identified by the professional services sector.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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