IFAs warned: be on your guard to fend off money laundering

Compliance Consultants estimate that every IFA firm could be inadvertently laundering on average £1.5 million a year. Of the 56,000 disclosures of money laundering activity to the National Criminal Intelligence Service (NCIS) since September 2001, only 0.36% (just over 200) were reported by IFAs. Marc Egerton, chairman of Complaince Consultants noted, at a SOFA half day forum on money laundering, that judging by the small number of disclosures made, "IFAs are not taking adequate measures to recognise and report suspicious activity". Brian Lawless, managing director of SOFA, pointe...