If Brexit becomes a reality the UK faces the prospect of tackling money laundering without the strong working relationships with law enforcement agencies across Europe that it can currently call on.
In an article published on the Taxation website, Rahman Ravelli’s Aziz Rahman outlined the possible implications of a departure from the European Union (EU) for the UK’s investigations into money laundering.
He explained his concern that money laundering has been overlooked in the Brexit discussions, despite the fact that it involves billions of euros a year.
The article, which featured in Taxation, makes it clear that the European Union does not have a perfect track record regarding money laundering. A succession of financial scandals has shown that some EU members lack the expertise or resources to properly investigate and prosecute the offence.
But the EU’s use of shared intelligence and its infrastructure for tackling cross-border crime are assets that the UK is set to lose.
The article can be read here (subscription required)