Money Laundering Warning at ACCA Anti-Money Laundering seminar
On May 8, 2007, an Anti-Money Laundering seminar was hosted by the Association of Chartered Certified Accountants (ACCA).
Nigel Stoddard of the Financial Investigations Unit of the Fraud Squad addressed audience there to warn it about money laundering. According to him, money launderers were using more sophisticated and complex means to conceal their proceeds from criminal activity. He also said that, to combat this problem, the assistance of professionals is needed.
Stoddard reminded of the Proceeds of Crime Act, 2000, under which all financial institutions and some businesses are required to report to law enforcement all the transactions that seem complex, unusual or large, either completed or not. The businesses required to report suspicious transactions are those dealing with real estate, couriers, gaming, jewellery, motor vehicle sales, pool betting and the national lottery online betting games.