Money laundering – Guidance for members

| 09 September, 2019

Money laundering is the process of legitimising the proceeds of criminal activity and disguising the source of the funds. It is a multi-billion pound business and it affects every industry. Some industries are particularly vulnerable to being used as conduits to launder the proceeds of criminal activity. Other industries are less so but it is imperative that businesses are alert to the potential risks of becoming involved in money laundering. This requires an understanding of the law in relation to money laundering, the three stages of money laundering and some of the red flag indicators of money laundering activity.