How to make sure you don’t fall victim to money laundering

Short video shows how solicitors and accountants can protect themselves from falling victim to organised criminals

From modern slavery to drug trafficking, corruption to fraud, money laundered through UK professionals could be the proceeds of any one of these crimes. With hundreds of billions of pounds potentially laundered through the UK each year, it’s a serious problem.

Professionals such as solicitors and accountants are the gateway to services that can legitimise illicit funds, so they are particularly at risk of being targeted by criminals.

Advances in technology and the increasingly sophisticated methods by which money can be laundered means the threat is evolving.

But, by deploying robust and risk-based due diligence procedures now, professionals can protect themselves, and their firms, against current and future threats.

Failure to do so could have far-reaching consequences, not just on society, but for those individuals involved, too.

(Getty Images (Getty Images)

This could include disciplinary action, or even criminal prosecution.

By following a few basic golden rules, professionals can ensure they are prepared:

• Ensure your compliance procedures are up-to-date with the 2017 Money Laundering Regulations.
• Know your clients, and their business.
• Undertake thorough and continuous due diligence, and make sure that it is fully documented.

Look out for the Flag It Up campaign’s red flags of money laundering, and ensure that any suspicions are reported to the National Crime Agency by submitting a high-quality Suspicious Activity Report.

Learn more about the red flags and get further details on the Flag It Up campaign at flagitup.campaign.gov.uk

*All content was commissioned and approved by the Home Office