All but three – UK, Sweden and Denmark – of the European Community’s 15 member states will adopt the euro on 1 January 2001.
Criminals will be trying to ‘clean’ their ill-gotten gains as eurozone states swap their indigenous currencies for the euro.
John Abbot, director general of the National Criminal Intelligence Service, said: ‘This is the perfect opportunity for criminals to make funds clean in a new currency. Large-scale money laundering will characterise this period.’
His warning came as the European Central Bank presented its new euro notes in Frankfurt.
Publicity stunts marking the launch of the fledgling currency included abseilers unveiling giant notes.
Abbot said the rush to launder money may prove a benefit to law enforcement agencies as ‘criminals will be putting their heads above the parapet’.
However, accountants, it seems, will be providing limited help. NCIS has also revealed that the number of accountants reporting suspicious transactions has dropped despite a surge in economic crime.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast