New laundering rules pose jail threat

Link: Laundering reports to snowball

The target of the new rules are businesses, such as car dealerships, travel agents and jewellers, which deal in high value cash transactions.

Businesses that fail to adhere to the new regulations could face up to two years in jail (for business owners) or a huge fine.

Karen Briggs, head of KPMG forensic’s regulatory services practice, said: ‘The thrust of the new regulations is to prevent criminal assets being laundered through the purchase of physical goods such as property, precious metals, cars or even casino chips, rather than through monetary or financial channels.’

Affected companies must register with Customs & Excise as soon as the rules are introduced in the UK, which is expected to be as soon as possible after 15 June.

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