Terrorists launder £600bn through markets

Link: Crime Act fears are unfounded

The General Accounting Office said infighting and poor coordination among US federal agencies undermined attempts to stop money laundering.

Since 11 September, the US financial services industry has increasing investments in anti-money laundering technologies, while the government has stepped up its efforts to cut the flow of terror financing, but to little effect.

In the UK, the Proceeds of Crime Act, due to become law this year will force accountants and other professionals working in financial services to report any suspicious activities, or risk the threat of jail or heavy fines.

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