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

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.


Accountants should be more suspicious

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