Money laundering is a worldwide problem. UK law enforcement experts set the amount of laundered money in the UK economy at substantially more than £100bn every year.
The Prevention of Money Laundering and Financial Crime e-Learning defines the term ‘money laundering’, and explains the three stages involved. Relevant acts and regulations applicable to money laundering in the UK are identified, and likely punishments explored.
Companies have a responsibility to reduce the risk of money laundering through its operation and individuals are responsible for reporting any suspicions of money laundering. This module covers preventative measures, sanctions regimes and reporting mechanisms, promoting the need for prompt action if money laundering practices are suspected.