Cleaning up on dirty money

Cleaning up on dirty money

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.

Original news

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

Subscription Form

Related Articles:
Latest Articles:

Already a subscriber? Login
RELX (UK) Limited, trading as LexisNexis, and our LexisNexis Legal & Professional group companies will contact you to confirm your email address. You can manage your communication preferences via our Preference Centre. You can learn more about how we handle your personal data and your rights by reviewing our  Privacy Policy.

Access this article and thousands of others like it free by subscribing to our blog.

Read full article

Already a subscriber? Login

About the author: