‘FLAG IT UP’ CAMPAIGN RETURNS TO TACKLE MONEY LAUNDERING IN THE UK

We all know that money laundering poses a serious threat to the UK, but too many of us are guilty of thinking that it “wouldn’t happen to me”. In reality, criminals are reliant on the skills of professionals to profit from their crimes, and are adept at disguising their endeavours to give the illusion of legitimacy.

Serious and Organised Crime costs the UK at least £24 billion each year. That’s why the legal and accountancy sectors are working with Government to run the ‘Flag It Up’ campaign.

This joint initiative aims to raise awareness of the warning signs of money laundering, and help professionals protect themselves and their firms.

Any of us could be caught out by becoming unwittingly involved in a money laundering scheme.

“A joined-up and relentless response to money laundering is vital if we want to tackle this complex and destructive crime. Working with industry to help professionals spot the warning signs of suspicious activity will make things even harder for those seeking to evade the law,” Security Minister Ben Wallace, said. “The Government, law enforcement and industry are working together to ensure there is nowhere left to hide for the criminal and the corrupt.”

Ultimately, a collective response from industry and government is the most effective way to tackle this threat, and makes things much harder for those individuals seeking to evade the law. By continuing to work together, we can all help to make sure it has an even greater impact when it comes to tackling money laundering in the UK.

Don’t get caught out by criminals. Do your due diligence, and if you notice anything suspect remember to flag up suspicious activity to the National Crime Agency.

For guidance on anti-money laundering best practice and reporting, visit:

www.aiaworldwide.com/money-laundering-supervision

www.accountancysupervisors.co

www.nationalcrimeagency.gov.uk/about-us/what-we-do/economic-crime/ukfiu/how-to-report-sars