BIG QUESTION - FDs split on using MI5 to counter fraud

Finance directors want tougher action against fraud and money laundering but they are split over the government's plans to send the secret service to investigate financial institutions.

More than 40% of FDs endorse the redeployment of MI5 and MI6 to combat the spread of money laundering and City fraud but almost 30% argue that intelligence personnel are ill-equipped for fraud investigation.

These are the results of an exclusive poll of 200 FDs for The Big Question, a survey commissioned by Accountancy Age and Reed Accountancy Personnel.

Stuart Chapman of examination board International Baccalaureate said: 'Money laundering is used by drug dealers and other criminals and appears to be increasing at an alarming rate. Unless strong measures are taken, including the use of the secret service and other branches of the armed forces, the spread of such crime will be a threat to our democratic institutions.'

Malcolm Nayler of double glazing company Astraseal added: 'There is too much fraud around. Something should be done about the people who run companies to the ground and then set up a lot cheaper.'

However, Clive Scott of drug rehabilitation charity Cranston Projects argued: 'This seems to be a complete misuse of the skills of the secret services.'

Charlie Pellatt of the Game Conservancy Trust added: 'They'd be much better used to stop the drug trade.'

Another FD said: 'The government has made such a mess of this in the past, it needs a complete department to monitor fraud.'