SRA reports GBP 200 mln in money laundering activities

Monday 5 April 2021 11:47 CET | News

The Solicitors Regulation Authority (SRA) has made 26 reports of suspected money laundering in 2020 involving more than GBP 200 million in possible criminal proceeds.

A further 122 matters are being monitored by the regulator’s money laundering reporting officer (MLRO) to track the progress of ongoing SRA investigations which may uncover money laundering suspicions which require reporting in due course.

The reports came both internally from elsewhere within the SRA and directly from third parties, such as banks, law enforcement, and other regulators.

Money laundering linked to vendor fraud – where homes are targeted by fraudsters and sold without the knowledge or consent of the true owners – was identified as a key theme in the reports.

In addition to residential conveyancing, other themes included bogus investment schemes, clients/funds from high-risk jurisdictions, high-risk commodities (notably precious and scrap metals), aborted property transactions, no underlying legal service or purpose for transaction, complex offshore company structures and trusts, and human trafficking and modern slavery.

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Keywords: money laundering, fraud detection, AML
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: United Kingdom
This article is part of category

Securing Transactions