Guarding Against Money Laundering And Its Risks To The Uk And Global Economy - London Registrars
Anyone and everyone who takes seriously the importance of
protecting the UK’s national security, prosperity and reputation abroad must be
mindful of the threat that money laundering poses.
The financial sector is of critical importance to the UK economy.
It is because of this that money laundering, especially at the higher end
involving the laundering of significant amounts of illicit funds through the
financial and professional services industries, is a particular concern.
Here at London Registrars, we constantly strive to ensure we are
playing our part in stopping the flow of illicit finances arising from criminal
activity both at home and overseas.
Why is money laundering a particular threat in the UK?
The UK takes pride in offering an active and dynamic environment
in which to set up a business, with relatively few restrictions on
entrepreneurs and business owners.
However, it is also the sheer ease with which one can establish a
UK business that has long proved a magnet for criminals. Wrongdoers are
motivated to set up companies – both in the UK and abroad – that are seemingly
legitimate at first glance, but which actually serve mainly as mechanisms for
the laundering of illicit funds.
Criminals also regularly seize upon the lucrative property market
in the UK, especially in London. Money laundered in this part of the world
frequently represents the proceeds of crime that occurred in another country,
with major financial centres being alluring transit points or destinations for
these proceeds.
When criminal money is detected flowing in large volumes through
the UK, authorities in the UK, EU and US can choose to take action with
criminal and regulatory penalties. This, however, could increase the chances of
major financial institutions collapsing or ending their presence in the UK.
Almost all high-end money laundering, as well as much cash-based
money laundering, is made possible by the abuse of legitimate services and
processes. A small minority of people can pose a profound threat to national
financial systems by taking advantage of unwitting, negligent or even complicit
professionals in such fields as accounting, the law, and real estate.
Money launderers often assume roles as intermediaries. In doing
so, they may draft documentation, disseminate funds, and facilitate the
creation of highly sophisticated structures for the movement and storage of
large volumes of illicit funds, while making it difficult to ascertain who
actually owns this money.
The diligent anti-money-laundering policies of London
Registrars
The aforementioned issues help explain why, in our core services
of assisting with the incorporation of new companies and offering company secretarial
subscriptions, our own business has to
remain vigilant and adhere strictly to the latest anti-money-laundering
regulations. This includes undertaking such sensitive tasks as carefully
checking IDs and proof of addresses before accepting new clients.
To learn more about the wide range of measures we adopt to help
guard against illegal activity, as well as to discuss the business formation
and support solutions from which you could benefit, please don’t wait any
longer to get in touch with the
London Registrars team.
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