Anti-money laundering: what you need to know

Accountants are at risk from money laundering but there is an ever-growing arsenal to combat the threat, explains Sophie Brookes, partner at Gateley plc

Organised crime costs the UK at least £24bn a year according to the latest figures from the Department for Business, Innovation and Skills (BIS). As crime has evolved into a significant and sophisticated business, governments around the world have taken steps to help law enforcement tackle its effects.

As well as criminalising the underlying events themselves, this has resulted in criminalising a number of activities relating to the legitimisation of the proceeds of crime, known as money laundering.

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