Money Laundering

Meeting: 
MQT on 2015-07-15
Session date: 
July 15, 2015
Reference: 
2015/2201
Question By: 
Tony Arbour
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor
Category: 

Question

A recent report from Transparency International found that it is "too easy" to launder illegal wealth through the UK. The report also found that "very large" amount of corrupt wealth, stolen from around the world, is invested in the UK. What measures does the Metropolitan Police Service have in place to tackle global money laundering?

Answer

Answer for Money Laundering

Answer for Money Laundering

Answered By: 
The Mayor

The National Crime Agency's Economic Crime command leads the national response to money laundering. These crimes cost the UK millions of pounds each year, and prey on the most vulnerable members of society.

The Economic Crime command's role is to fight economic crime by undermining criminals and educating those most at risk of attack. The NCA does this by sharing intelligence and knowledge with partners, disrupting criminal activity, and seizing assets.

In London the MPS has 235 officers dedicated to investigating money laundering and asset recovery work. However, Money Laundering investigations are not limited to these officers or indeed just London as money laundering investigations have no geographical boundaries.

The MPS utilise the Proceeds of Crime Act 2002 to tackle the offences and are committed to working in partnership both nationally and internationally to prosecute those involved and remove assets obtained by criminality (working with NCA, FCA, HMRC and business).

In the 2014/15 year the MPS seized or confiscated approximately £66m from those convicted of criminality which was an increase of 15% from the previous year.