UK money laundering

Written by Super User 24 Oct 2014

Schools, universities, solicitors, estate agents and financial advisers are elements of a growing industry of ‘gatekeepers’ to the UK for foreign money launderers. Currently hundreds of law firms across the country are undergoing checks from their regulator into how much care they take to keep out the criminals, because an international anti-money-laundering body, the Financial Action Task Force (FATF), will soon visit the UK. 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 Russia and former Soviet republics. Analysts expect the inspectors from the Solicitors Regulation Authority to run into stonewalling as lawyers claim professional client privilege to keep information about their clients secret. A similar exercise on UK banks found guidelines breached.

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