BusinessCompany NewsAnti-money laundering efforts slammed

Anti-money laundering efforts slammed

The government's efforts to stamp out money laundering have been slammed by a leading anti-corruption group, who says the level of illegal activity is much higher than reported.

Link: Accountants face laundering jail threath

Money laundering activities are now so rife they are a significant threat to future business prosperity and growth, warned Transparency International, in a report to be released tomorrow, the FT disclosed.

TI said it believed levels of money laundering in Britain could be higher than Home Office estimates of £18bn a year, despite recent efforts such as the Proceeds of Crime Act, money laundering regulations and a European Union directive.

What was needed, TI said, were better trained investigators and the police to give a higher priority to financial crimes.

Latest figures from the Home Office show 175 money laundering prosecutions resulting in 75 convictions.

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