The banking industry is looking set to benefit from the Government’s anti-money laundering review this year, which should allow businesses customers more options when it comes to money transfers.
Currently British banks are very cautious of risky businesses due to suspicions of money laundering. This is all well and good, but it also means that innocent customers are cut off from – for example – sending money to family in other countries.
The new Government review into anti-money laundering rules should result in the authorities being more lenient, as long as banks can prove that they have done everything that they can to stop money laundering from happening.
It is hoped that, if money laundering is detected, then banks would be treated more leniently and be protected from legal liability if they have done their due diligence.
Estate agents, banks, lawyers and other regulated entities are obliged by law to report suspicious activity to the National Crime Agency if they become aware of a suspicious transaction. In 2013-14 some 354,186 such reports were filed, the majority by banks.
Hopefully these new steps will allow government agencies to work more closely and openly with banks to help identify the ever-changing tactics of criminals laundering money. This way it will be much harder for them to move money into the legitimate financial system.
If you would like to find out more about money laundering please read our blog What is Money Laundering?
Money laundering can affect any business, big or small. You should report any suspicious activity straight away, such as a customer paying in large amounts of cash. If you are a business that is monitored under Money Laundering Regulations, and you don’t report suspicious behaviour, you can be fined or imprisoned.
Slater and Gordon Lawyers are recognised as market leaders in the field of fraud and white collar crime and have represented clients including companies, professionals, senior business executives and other individuals in numerous money laundering cases.
Contact us for a consultation on freephone 0800 916 9054 or contact us online and we will call you.