On 22 February, KYC 360 reported that UK universities have been accused of inadvertently facilitating money laundering after an investigation in The Times found that they accepted millions of pounds in cash from students from “high-risk” countries. At least 49 British universities let students use banknotes to pay £52 million in fees over the past 5 years, including millions from China, India, Russia and Nigeria. Financial crime specialists said the disclosure showed that institutions had turned a blind eye to being used to launder proceeds of illicit activity overseas.
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