NCIS in Britain Sees Criminal Movement of Money from Switzerland Due to Lax Compliance in London (IE)

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Monday, May 1, 2000
Author: 
Bruce Zagaris
Volume: 
16
Issue: 
5
724
Abstract: 
On March 15, 2000, the media reported that a report of the National Criminal Intelligence Services that will be published in May will take the position that organized criminals may be moving their money from Switzerland to the City of London because of the comparatively stricter enforcement of anti-money laundering laws in Switzerland. The NCIS report will complain that hundreds of private UK banks, lawyers, and accountants are not fulfilling their legal duties to report suspicious financial transactions. The NCIS believes that the main leading retail banks have improved substantially their record on reporting fraud or other suspicious financial transactions, but non-bank financial institutions and other professionals have not followed their lead. In particular, the legal and accountancy profession have filed very few suspicious transactions report in the last year…[more]