National Economic Crime Centre partners’ Action Day targets city money laundering

A day of action by National Economic Crime Centre (NECC) partners will target money service businesses (MSBs) at risk of being used by criminals to launder money. Officers from Her Majesty’s Revenue & Customs (HMRC) and the City of London Police will visit every MSB in the City of London. These businesses have been identified as potentially at risk of being used for money laundering or terrorist financing. Some 90 businesses will receive educational visits by the joint teams who will highlight the risks within the sector.

MSBs are an attractive target for organised crime groups. The trade in high volumes of cash and the ability to convert denominations, currencies or transfer money electronically are all useful to those seeking to launder money.

Their involvement can be unwitting, complicit or as a result of negligence, and acts as an enabler for organised crime. Investigations have revealed MSBs laundering money for the full spectrum of criminals, ranging from street gangs through to international organised crime groups.

Graeme Biggar, director general at the NECC, explained: “Money service businesses are vulnerable to exploitation by criminals looking to launder the proceeds of crime and, in some cases, they are complicit in the criminality. This ability to ‘clean’ money is key for criminals and, as such, we fully support this joint operation by our partners to raise awareness among operators of money service businesses, and to identify and disrupt the crime that takes place through them.”

Commander Karen Baxter of the City of London Police, and the national co-ordinator for economic crime, added: “Criminals often try to exploit professional services in the financial sector to commit money laundering. A prime target can be MSBs. As such, it’s important that people who work in these types of companies take the necessary precautions to stop it from happening. Money laundering is vital to criminal networks and, in working with the NECC and HMRC to expose and disrupt these activities in the City, as well as educate MSBs on the red flags, we will ultimately prevent very serious crimes from being committed.”

An HMRC spokesperson stated: “MSBs must play their part in making money laundering more and more difficult for criminals by complying in full with their obligations under the regulations. We remain committed to helping MSBs who want to comply with the regulations, while rigorously rooting out and tackling those who don’t.”

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

Related Posts