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Money Laundering Compliance under increased scrutiny
The Scottish Crime and Drug Enforcement Agency has announced it has secured £4million of extra funding as part of a 2 year crackdown on organised crime.
It follows the publication of the agency’s mapping initiative which shows the extent to which organised crime affects Scotland. The research shows 4,066 individuals linked to 367 serious organised crime groups, with crimes ranging from drug importation to counterfeiting and money laundering.
The Scottish press has speculated that there will be increasing pressure on accountants, lawyers and estate agents to ensure that they are meeting money laundering compliance requirements, following the news that 241 individuals had specialist links to Serious Organised Crime Groups; with the most common being financial specialists and money launderers.
The research also highlighted that of all organised crime identified, 22% of crimes involved money laundering, and that business and property investment were the most common methods used to place and layer money.
As part of the planned 2 year project to combat serious organised crime, Scotland’s first multi-agency strategy will be published, ensuring that businesses work together with public bodies and the appropriate law enforcement agencies to ensure money laundering compliance and defeat organised crime.
A copy of the mapping research and further details about the project can be found at: http://www.sdea.police.uk/
Download our money laundering compliance guide here, or contact us for a demo of how our AML solutions.
4th June 2009
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