Money laundering

Meeting: 
MQT on 2015-12-16
Session date: 
December 16, 2015
Reference: 
2015/4385
Question By: 
Tony Arbour
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor
Category: 

Question

It was recently reported that the UK is failing to detect billions of pounds which is being laundered through companies each year, with a large number of these companies based in London. What work are you, MOPAC and the Metropolitan Police Service undertaking to combat money laundering by businesses located in London?

Answer

Answer for Money laundering

Answer for Money laundering

Answered By: 
The Mayor

The MPS has dedicated teams that combat money laundering (ML) and a network of 9 hubs that support the 32 London Boroughs and provide expert advice on POCA (Proceeds of Crime Act) Offences and the confiscation and restraint of criminal assets.

MPS attendance at NCA Joint Money Laundering Intelligence Tasking (JMLIT) meetings allow intelligence sharing with the banking industry under Section 7 of the Crime and Courts Act 2013.  Also, the MPS presents at trade-based and financial services forums attended by ML and compliance professionals showing ML typologies. 

The NCA UK Financial Intelligence Unit (UKFIU) also handles Suspicious Activity Reports from the financial services sector. The MPS conduct innovative work to identify trends and enabling criminal businesses to be identified.