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Law enforcement agencies’ response to money laundering has been weak for a long time
The UK’s first money laundering and terrorist financing national risk assessment (NRA), claims that law enforcement agencies’ response to money laundering has been weak for a long time. According to the NRA, published jointly by the Home Office and the Treasury, the weak response is due to money laundering not having been a priority for most local police forces.
It states that agencies are knowledgeable about cash-based money laundering but are not consistently strong when it comes to non-cash based money laundering, such as high value dealers, gambling, and new payment methods. The NRA believes that law enforcement agencies need to know more about the financial and professional services sectors; where laundered proceeds are often held in bank accounts, real estate or other investments.
The National Crime Agency estimates that billions of pounds of suspected proceeds of corruption are laundered through the UK each year. While the NRA highlights the shortcomings of law enforcement regarding money laundering, it would be a mistake for businesses or individuals to turn a blind eye to such criminal activity. It is an area that has risen to prominence; meaning that many more are likely to be subject to such investigations.