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Are allegations that UK businesses are being targeted by money launderers putting the UK’s reputation at risk?
Joseph Kotrie-Monson, managing solicitor in the fraud department at Mary Monson Solicitors, discusses the recent revelations and the actions that need to be taken to protect businesses in the UK.
Estate agents and law firms UK ‘gatekeepers’ for foreign money laundering, LNB News 17/10/2014 23
Independent, 17 October 2014: Estate agents, solicitors and financial advisors are reportedly helping large amounts of dirty money from foreign criminals enter the UK.
Private schools scrutinised for money laundering, LNB News 17/10/2014 4
Independent, 16 October 2014: Private schools in the UK are coming under increasing scrutiny from international anti-corruption groups for inadvertently accepting laundered money for school fees from rich foreign criminals and corrupt officials.
What has this investigation said to have uncovered?
This investigation has uncovered the use of UK-based companies being used as a conduit for laundered money. The companies, which usually appear to have no legitimate purpose, are parties to fake legal proceedings abroad which give rise to a recorded debt of many millions, or even billions in liability. The funds can then pass to bank accounts held by the UK companies in question. These companies often have puppet directors and secretaries, who are generally vulnerable young people who have been promised a management job, or re
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