PracticeConsultingHanging tight, but as the euro is unveiled a UK intelligence agency

Hanging tight, but as the euro is unveiled a UK intelligence agency

The head of the UK's intelligence gathering agency last week issued a stark warning over a surge in money laundering and fraud as Europe switches over to the euro.

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.

Links

Accountants should be more suspicious

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer