Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

U.K. money laundering task force launched; watch out McMafia!

Paul Hodgson | November 13, 2018

Last week, the Minister of State for Security and Economic Crime, Ben Wallace, Member of Parliament (MP), formally launched a new partnership of agencies to fight economic crime known as the “National Economic Crime Centre” (NECC).

The initiative, announced in December last year, will crack down on all businesses with an initial focus on estate agents, responsible for allowing money laundering through high-value property purchases, high street solicitors, and accountants who, it is claimed, facilitate about £100 billion (U.S. $130 billion) of money laundering in the United Kingdom but are failing to report suspicious activity, public schools, football clubs and other sports teams, and luxury car garages. The regulatory bodies for these industries have also been contacted by the minister and told to beef up their monitoring protocols. The minister has pledged an additional £48 million (U.S. $62 million) to fund the agency.

The NECC is based at the National Crime Agency...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.