Friday, 8 April 2016

Transparency International UK calls for punitive sanctions against 'professional enablers' involved in Money laundering

As the world reacts to leaks from Panama, Transparency UK has published a new report calling for sanctions against service providers (professional enablers) who facilitate money laundering across the globe and emphasized that firms must carryout due diligence to prevent money laundering.

According to'The Times' newspaper, the document said:"In the UK these enablers are typically lawyers, accountants and company formation agents known as trust and company service providers.Money laundering is also facilitated by the availability of high end investment and spending opportunities which range from property to private education"

It will be recalled that the UK Prime Minister promised last July 2015 to make London property market unattractive to money laundering and vowed to act against corrupt foreigners who buy up luxury properties in the UK using secretive holding companies to hide their "dirty money". According to him" London properties are being bought by people overseas through anonymous shell companies, some with plundered or laundered cash"

Similarly, Labour's mayoral candidate , Sadiq Khan said: "These shocking revelations show we urgently need action to make ownership of property in london more transparent. " I will be pushing to guarantee that anti-money laundering checks are carried out on the purchases of property, not just the seller."

Leaks from Panama has uncovered how resources are 'systematically raped and exported by some politicians and their cronies',the source said.

Meanwhile british banks and finance houses have been given until next week to hand over details of any dealings with the law firm at the centre of the Panama leak.

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