Flag It Up to tackle money laundering
The National Crime Agency’s National Strategic Assessment 2018 states that there is a realistic possibility that the scale of money laundering impacting the UK annually is in the hundreds of billions of pounds.
Criminals employ a range of techniques to conceal the origins of the proceeds of crime. Unfortunately, professionals working in the accountancy, legal and property sectors are at risk of being targeted for their skills and services.
To tackle this threat, the UK Government is working with professional bodies through the Flag It Up campaign to raise awareness of the warning signs of money laundering, promote best practice in due diligence and encourage the high-quality reporting of suspicious activity.
Money laundering is not a victimless crime
Money laundering is the process by which the profits of illegal activities are disguised and made to appear legitimate. This is not only a crime itself, but also a key enabler of other serious crimes such as modern slavery, fraud, and corruption.