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Hundreds of billions of pounds laundered through UK banks each year, says NCA

May 13 2014 Martin Coyle, Compliance Complete

Hundreds of billions of pounds of international criminal money is laundered through banks and their subsidiaries every year, according to the National Crime Agency's latest analysis of the serious and organised crime threats faced by the UK. The analysis has suggested that high transaction volumes, the developed financial services industry and political stability have made the UK's financial system particularly attractive to money launderers. The NCA said that most proceeds of UK serious and organised crime were laundered through UK banks, wire transfer companies and other regulated businesses, including money service businesses. "A large proportion is sent abroad where profits are often ultimately invested in real estate. Importantly, a proportion is re-invested into criminal activity in various stages of any serious and organised criminal venture," the report said. The NCA said that virtual banks and virtual currencies were being used by criminals, particularly those that engaged

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