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


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.