10th May 2015 UK money laundering: How they get away with it Share Schools and universities are small, unwitting elements of a growing industry of “gatekeepers” to the UK for foreign money launderers.Solicitors, estate agents and financial advisers are seen as far bigger culprits letting dirty money enter the UK system. Currently – amid concerns about a visit next year to the UK from the international anti money laundering body, the Financial Action Task Force – hundreds of law firms across the country are undergoing checks from their regulator into how much care they take to keep out the criminals.Sources say the FATF has become increasingly concerned about the rising number of legal actions being taken in London by foreign nationals, who have become a huge source of earnings, particularly for big City law firms. Fraud experts say much of this action is funded by laundered money from countries such as Russia and the former Soviet republics. Analysts expect the inspectors from the Solicitors Regulation Authority to run into stonewalling as lawyers claim professional client privilege to keep suspicions about their client’s secret.Read More by SmartSearch See more articles by SmartSearch Share post See our other popular articles 18th Apr 2024 Fighting FinCrime in financial services: optimising the balance between innovation and compliance by SmartSearch 14th Feb 2023 ‘Failure to prevent’ fraud, false accounting or money laundering could soon be a punishable offence by SmartSearch 2nd Feb 2023 SmartSearch COO named Technology Businesswoman of the Year at national award by SmartSearch See more
18th Apr 2024 Fighting FinCrime in financial services: optimising the balance between innovation and compliance by SmartSearch
14th Feb 2023 ‘Failure to prevent’ fraud, false accounting or money laundering could soon be a punishable offence by SmartSearch
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