UK: How accountants and solicitors can detect and prevent money laundering

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March 20 2017

Crime pays, but law enforcement organisations around the world are making it increasingly difficult for organised criminals to bring their ill-gotten gains into the economy. As a result, criminals are turning to professional services firms for help – whether the firm knows it or not.

So what should they look out for? In many cases, simply the things that a well-managed due diligence approach already investigates. These include any reasons not to trust a client, any inconsistencies or unexplained delays in information, unusual sources of funds or amounts and changes or discrepancies in transactions – whether for a new client, or an existing one.