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13/11/2001
Accountants warned to be vigilant for Euro laundering
John Hansen, Chairman of the Ulster Society of Chartered Accountants, has warned that criminals are likely to try and exploit the introduction of the Euro currency by ‘cleaning’ the proceeds of their activities over the next six months.
Mr Hansen said the early months of next year would see a huge increase in money transactions as the old currencies are removed to be replaced by the Euro and that if the money launderers were driven out of the traditional banking system, they would more than likely try to exploit the non-banking sector including accountants and solicitors to move their proceeds.
He added: “I do not think there is an adequate level of awareness of this issue in the marketplace yet and I would advise our members to do everything they can to ensure they avoid being used by criminals in this way.”
The Proceeds of Crime (Northern Ireland) Order, 1996 imposes obligations on everyone carrying out their trade or profession to disclose knowledge or suspicion of drug money laundering, offences of assisting or concealing and ‘tipping off’ offences. (MB)
Mr Hansen said the early months of next year would see a huge increase in money transactions as the old currencies are removed to be replaced by the Euro and that if the money launderers were driven out of the traditional banking system, they would more than likely try to exploit the non-banking sector including accountants and solicitors to move their proceeds.
He added: “I do not think there is an adequate level of awareness of this issue in the marketplace yet and I would advise our members to do everything they can to ensure they avoid being used by criminals in this way.”
The Proceeds of Crime (Northern Ireland) Order, 1996 imposes obligations on everyone carrying out their trade or profession to disclose knowledge or suspicion of drug money laundering, offences of assisting or concealing and ‘tipping off’ offences. (MB)
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