This month we are focusing on: Money Laundering
And this week are looking at: What do you do if you suspect a money laundering activity?
Money laundering involves three steps: The first involves introducing cash into the financial system by some means (“placement”); the second involves carrying out complex financial transactions to camouflage the illegal source of the cash (“layering”); and finally, acquiring wealth generated from the transactions of the illicit funds (“integration”).
If you know about or suspect money laundering or terrorist financing you must consider telling the National Crime Agency ( NCA ) by sending a Suspicious Activity Report ( SAR ) within 30 calendar days of the initial detection of facts.
he offence of failing to report a suspicion of money laundering by another person carries a maximum penalty of 5 years imprisonment and/or a fine.
If you know of a local business that needs help with understanding their responsibilities around money laundering reporting please ask them to contact Avanti (08000) 388 799