Money laundering is the process used by criminals to disguise funds that are generated from, or used to finance, illicit activities. 

Enhanced due diligence (EDD) is vital to protecting your organisation from financial crime (including money laundering and terrorist financing) when doing business with a high-risk customer.

As the global pandemic continues, most people are busy trying to figure out how to keep doing their jobs in this strange new world of lockdowns and social distancing. Unfortunately, money launderers are no different and financial crime shows no signs of slowing during the crisis.

I was listening to this podcast recently about the cryptocurrency scam OneCoin, and it got me thinking about how the rise of cryptocurrency has opened up a whole new world for money launderers.

The Fifth EU Anti-Money Laundering Directive (5AMLD) was written into UK law on the 10th of January 2020. The property sector – long considered a safe haven for criminals looking to legitimise wealth – is among those industries being addressed by the new legislation. 

For many, art forgery is something that only impacts the super-rich and is often seen as a victimless crime. 

Authorities have been making a very public crackdown on money launderers in the last few years. Currently eight people are on trial suspected of laundering over £260 million through the accounts of a Bradford based goldsmiths and UK authorities seized £114 million in cryptocurrency as part of a global money laundering scheme in 2021.