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Half of UK finance houses handle dirty cashAndrew CharlesworthCConvicted criminals and suspected terrorists are laundering money through UK financial services companies because most banks fail adequately to screen customer databases, according to survey by data integrity specialists Datanomic. The research reviewed 300 million customer records and uncovered instances of suspected terrorists, known drug dealers and fraudsters laundering money through UK financial institutions using aliases, joint accounts or associate names. It is an offence under the Prevention of Terrorism Act 2005, the Terrorism Act 2000 and the Proceeds of Crime Act 2002 for firms to be involved in transactions that are the proceeds of crime, or are intended for terrorist groups. Datanomic believes that up to half of UK financial institutions are already unknowingly in breach of this legislation. Adding to the legislative burden, the third European Union Money Laundering Directive (PDF) comes into force on 15 December 2007. Source: http://www.vnunet.com/vnunet/news/ 2194834/half-uk-finance-houses-handle
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