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22/09/2009
Businesses Key To Tackling Money Laundering
Organised crime is being tackled with a major conference taking place on combating money laundering activities.
On the same day as the PSNI's incoming Chief Constable, Matt Baggott, officially took up his post, NIO Security Minister and Chair of the Organised Crime Task Force (OCTF) Paul Goggins told the audience at an anti money laundering conference in Belfast that he too 'means business'.
Emphasising partnership working between the business community and law enforcement agencies in Northern Ireland, he said both have a key role to play in the fight against those who attempt to launder the proceeds of crime.
He urged delegates to submit a Suspicious Activity Report (SAR) if they know or suspect that a person is engaged in money laundering or dealing in criminal property.
He said that a SAR is a piece of information which alerts law enforcement that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing.
Paul Goggins said: "Every Suspicious Activity Report has the potential to undermine the activities of terrorists and criminal gangs.
"SARS can provide new leads as well as additional intelligence on criminals who are currently under investigation," he said.
"Organised crime gangs have nothing positive to offer the people of Northern Ireland.
"Their only desire is to make money and they don't care what misery and harm they cause as they pursue that objective," he continued, noting that, by working with law enforcement agencies, the business community can "help to stamp out financial crime and make Northern Ireland a more peaceful and prosperous place".
Today's conference is the fourth such cross-sector event by the UK Financial Intelligence Unit (UKFIU), but the first co-hosted with the OCTF.
(BMcC/GK)
On the same day as the PSNI's incoming Chief Constable, Matt Baggott, officially took up his post, NIO Security Minister and Chair of the Organised Crime Task Force (OCTF) Paul Goggins told the audience at an anti money laundering conference in Belfast that he too 'means business'.
Emphasising partnership working between the business community and law enforcement agencies in Northern Ireland, he said both have a key role to play in the fight against those who attempt to launder the proceeds of crime.
He urged delegates to submit a Suspicious Activity Report (SAR) if they know or suspect that a person is engaged in money laundering or dealing in criminal property.
He said that a SAR is a piece of information which alerts law enforcement that certain client/customer activity is in some way suspicious and might indicate money laundering or terrorist financing.
Paul Goggins said: "Every Suspicious Activity Report has the potential to undermine the activities of terrorists and criminal gangs.
"SARS can provide new leads as well as additional intelligence on criminals who are currently under investigation," he said.
"Organised crime gangs have nothing positive to offer the people of Northern Ireland.
"Their only desire is to make money and they don't care what misery and harm they cause as they pursue that objective," he continued, noting that, by working with law enforcement agencies, the business community can "help to stamp out financial crime and make Northern Ireland a more peaceful and prosperous place".
Today's conference is the fourth such cross-sector event by the UK Financial Intelligence Unit (UKFIU), but the first co-hosted with the OCTF.
(BMcC/GK)
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UK businesses unprepared for anti-money laundering laws, warn PwC
Tens of thousands of UK businesses face stringent anti-money laundering regulations from 1 March this year, according to analysis by the Forensic Services division of accountancy firm PricewaterhouseCoopers. The new rules are designed to strengthen the UK’s financial system against financial crime.
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30 May 2002
Belfast firm involved in money laundering allegations
The Financial Services Authority (FSA) has stopped a Northern Ireland broker from conducting business due to allegations of money laundering. The FSA has prevented Northern Ireland Insurance Brokers Limited (NIIBL) in south Belfast from carrying out any business due to suspicions that approximately £8 million has been laundered through the firm.
Belfast firm involved in money laundering allegations
The Financial Services Authority (FSA) has stopped a Northern Ireland broker from conducting business due to allegations of money laundering. The FSA has prevented Northern Ireland Insurance Brokers Limited (NIIBL) in south Belfast from carrying out any business due to suspicions that approximately £8 million has been laundered through the firm.
19 February 2004
ICAI issues new money-laundering guidelines
The Institute of Chartered Accountants in Ireland (ICAI) is to issue guidance to members on the requirements of new anti-money laundering regulations due to come into force in the UK on March 1.
ICAI issues new money-laundering guidelines
The Institute of Chartered Accountants in Ireland (ICAI) is to issue guidance to members on the requirements of new anti-money laundering regulations due to come into force in the UK on March 1.
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