UK LOCAL COUNCILS URGED TO PROTECT THEMSELVES AGAINST MONEY LAUNDERING

On 22nd August, the Room 151 blog carried a post saying that the Chartered Institute of Public Finance and Accountancy (CIPFA) has urged councils to ensure that they have the right procedures in place to protect against sophisticated financial crime.  It is reported that in 2013 an estimated £2.1 billion of financial crime was perpetrated against local government in the UK.  Councils have been updating their procedures to ensure they are protected and are highlighting the risk to officers of unwittingly enabling cash to be legitimised.  It is said that critical issues can be signing rent contracts on housing properties where the landlord is running a front company to launder drug money.  CIPFA urged councils to be proactive and not presume money laundering is not an issue for local government.

https://www.room151.co.uk/151-news/councils-urged-to-protect-themselves-against-money-laundering/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

 

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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