National Crime Agency
Multi-agency action targets city money laundering
A day of action by National Economic Crime Centre partners will target money service businesses (MSB) at risk of being used by criminals to launder money.
Officers from HM Revenue & Customs and City of London Police will visit every MSB in the city. 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 to international organised crime groups.
Graeme Biggar, NECC Director General said:
“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, City of London Police, National Co-ordinator for Economic Crime, said:
“Criminals often try to exploit professional services in the financial sector to commit money laundering, and a prime target can be money service businesses (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 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 said:
“Money Service Businesses must play their part in making money laundering more and more difficult for criminals by complying in full with their obligations under the money laundering regulations. We remain committed to helping MSBs who want to comply with the regulations whilst rigorously rooting out and tackling those who don’t.”
Further information on how MSBs can identify potential money laundering can be found in the NECC Alert to the MSB sector: https://www.nationalcrimeagency.gov.uk/who-we-are/publications/427-necc0569
Latest News from
National Crime Agency
Three charged in international drug investigation linked to Encrochat03/08/2020 11:10:00
Three men have been charged in the UK and Netherlands, and over 50 kilos of class A drugs have been seized following a joint operation involving the National Crime Agency and Dutch law enforcement.
Driver arrested as part of Scottish drug supply investigation03/08/2020 09:05:00
A lorry driver from Scotland has been arrested following the seizure of around 150 kilos of cannabis at the UK-France border
Five arrested by NCA officers over Rotherham abuse allegations31/07/2020 14:15:00
Five men have been arrested in connection with allegations of abuse relating to four girls in Rotherham.
Teaching assistant bought online child abuse with Amazon vouchers30/07/2020 15:43:00
A teaching assistant bought an online catalogue of child sexual abuse using £365 of Amazon vouchers.
Two jailed for West London cocaine handover30/07/2020 11:15:00
Two men have been jailed after being caught in a £700,000 drugs handover while under investigation by the joint NCA and Metropolitan Police Service Organised Crime Partnership (OCP).
Operation Venetic: Liverpool man charged in connection with acid attack and shots fired in Merseyside27/07/2020 16:15:00
A man from Liverpool, arrested as part of National Crime Agency-led Operation Venetic, has been charged with a possession of a firearm with intent to endanger life and three counts of conspiring to cause grievous bodily harm.
Two convicted in France as part of cross-Channel people smuggling investigation27/07/2020 12:43:00
Two people, one of whom is British, have been convicted and jailed in France as a result of close working between the UK-French authorities in people smuggling investigation involving the National Crime Agency.
Former political party campaign manager guilty of online child sexual abuse offences27/07/2020 11:05:00
A former campaign manager for the Conservative Party has admitted online child sexual abuse offences, after a National Crime Agency (NCA) investigation