2nd August 2007 14:07
The risk of money laundering in the UK has been described as a "massive threat" by a private investigator.
Kenn Griffiths of Spring Garden Consultancy said both individual members of the public and the business sector have a responsibility to make the police aware of unlawful activities.
His comments come after the publication of new regulations last week, which apply to cash transactions of £10,000 or more.
Mr Griffiths commented: "Essentially, it is absolutely incumbent on everybody to monitor this."
He suggested that those who fail to challenge money laundering, are contributing to organised crime and terrorism, "because that is how [perpetrators of] these things get their money around".
It is the responsibility of individuals to flag up suspicious activity to the authorities, Mr Griffiths added.
Businesses, meanwhile, should have a policy about dealing with money laundering, he added.
"But on a day-to-day basis, what we've got to be looking for is people who are spending money or using money that they clearly didn't have before," the investigator concluded.
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http://www.londonstockexchange.com/en-gb/pricesnews/investnews/article.htm?wbc_purpose=Basic%20?ArticleID=18232489
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