Gordon Dadds, the legal and professional services firm, is urging businesses to get smarter in how they handle money laundering or face the wrath of HMRC with some hefty financial fines. It warns that the digitalisation of cash has led to increased risks to businesses from money laundering. Whilst the majority of businesses are good at acknowledging these risks, they need to do more to mitigate the risk of money laundering.
Money laundering is a serious crime which is undermining the financial well-being of many businesses and the wider economy. Vast amounts of money is laundered through banks and other regulated businesses, and this includes money from international criminal activity and corruption.
Whilst regulatory enforcement, both in the UK and Europe, is widely aligned, outside of Europe regulation is not joined-up leaving countries like the UK open to criminal activity, warns Gordon Dadds.