21 Feb How to Spot Money Laundering and Protect your Business
Money laundering is something that happens all over the world and is a blight on the finances of countries everywhere. There are many methods of laundering money, but they are done with one goal in mind – to conceal the fact that the money they have is from an illegal source. It is a method used by organised crime gangs to hide activities such as illegal trade and unlawful activities that earned them the money in the first place.
Many organised criminal gangs will go to great lengths to conceal the nature of the way they get this money – a common way is to set up another business as a front for what is really going on. To the outside world this front will then appear to be a perfectly normal reputable business. It could be anything from a builder’s merchant to a barber, and its sole purpose is to disguise the activities of the criminals and to funnel money through in order for it to appear legitimate.
Because of this, other businesses can be at risk of also having this illegal money funnelled through them – so if you run a business, it is particularly important to be aware of money laundering and the things to look out for that could indicate something is not quite right.
There are lots of resources available to help businesses to deal with this big problem – from services like this know your customer service from W2 Global data to information online, and staff training courses, as a business it is good to be aware of what to look out for.