UK Companies in $20bn Money Laundering Scam _ News _ teleSUR English money laundering simple meaning

Around 20 UK front businesses were involved in a US$20 billion money laundering scam, one of the greatest of its kind in europe.

An investigation by UK newspaper the independent, in partnership with NGO organised crime and corruption reporting project, revealed that at least 19 companies registered in britain were complicit in the scheme, that was going on for around four years, and allowed criminals to legitimize illegally-gained funds.

The scandal sheds light on how lenient corporate rules have transformed the UK into a breeding ground for global organized crime.

The process by which the heist was so expertly pulled off was complicated, involving huge sham transactions between fake companies, bogus court cases in moldova, and re-routing through russia.

The independent reports that the crime ring might still be active now if it weren’t for investigators in ex-soviet moldova.Money laundering simple meaning

Vasile sarco, an investigating officer in moldova, told the independent: “this money was routed from russia, but the companies incorporated in britain were instrumental to transit the funds.”

While it has been possible to trace the companies involved, the owners, and those beneffitting from the scheme have been obscured under british corporate law, making it difficult to hold those responsible to account.

Secretary of state for business, innovation and skills vince cable recently laid out plans to make companies reveal the names of business owners holding more than 25 percent of the shares, a move approved of by former head of fraud squad david clarke. However, the private fraud investigator insisted that the government needed to do more.

“we need a proper, concerted effort between law enforcement and companies house, because at the moment we’re still handing it on a silver platter to the villains,” he told independent.Money laundering simple meaning

At least four bankers are under investigation for their role in the scam.

Around 20 UK front businesses were involved in a US$20 billion money laundering scam, one of the greatest of its kind in europe.

An investigation by UK newspaper the independent, in partnership with NGO organised crime and corruption reporting project, revealed that at least 19 companies registered in britain were complicit in the scheme, that was going on for around four years, and allowed criminals to legitimize illegally-gained funds.

The scandal sheds light on how lenient corporate rules have transformed the UK into a breeding ground for global organized crime.

The process by which the heist was so expertly pulled off was complicated, involving huge sham transactions between fake companies, bogus court cases in moldova, and re-routing through russia.

The independent reports that the crime ring might still be active now if it weren’t for investigators in ex-soviet moldova.Money laundering simple meaning

Vasile sarco, an investigating officer in moldova, told the independent: “this money was routed from russia, but the companies incorporated in britain were instrumental to transit the funds.”

While it has been possible to trace the companies involved, the owners, and those beneffitting from the scheme have been obscured under british corporate law, making it difficult to hold those responsible to account.

Secretary of state for business, innovation and skills vince cable recently laid out plans to make companies reveal the names of business owners holding more than 25 percent of the shares, a move approved of by former head of fraud squad david clarke. However, the private fraud investigator insisted that the government needed to do more.

“we need a proper, concerted effort between law enforcement and companies house, because at the moment we’re still handing it on a silver platter to the villains,” he told independent.Money laundering simple meaning

At least four bankers are under investigation for their role in the scam.

Around 20 UK front businesses were involved in a US$20 billion money laundering scam, one of the greatest of its kind in europe.

An investigation by UK newspaper the independent, in partnership with NGO organised crime and corruption reporting project, revealed that at least 19 companies registered in britain were complicit in the scheme, that was going on for around four years, and allowed criminals to legitimize illegally-gained funds.

The scandal sheds light on how lenient corporate rules have transformed the UK into a breeding ground for global organized crime.

The process by which the heist was so expertly pulled off was complicated, involving huge sham transactions between fake companies, bogus court cases in moldova, and re-routing through russia.

The independent reports that the crime ring might still be active now if it weren’t for investigators in ex-soviet moldova.Money laundering simple meaning

Vasile sarco, an investigating officer in moldova, told the independent: “this money was routed from russia, but the companies incorporated in britain were instrumental to transit the funds.”

While it has been possible to trace the companies involved, the owners, and those beneffitting from the scheme have been obscured under british corporate law, making it difficult to hold those responsible to account.

Secretary of state for business, innovation and skills vince cable recently laid out plans to make companies reveal the names of business owners holding more than 25 percent of the shares, a move approved of by former head of fraud squad david clarke. However, the private fraud investigator insisted that the government needed to do more.

“we need a proper, concerted effort between law enforcement and companies house, because at the moment we’re still handing it on a silver platter to the villains,” he told independent.Money laundering simple meaning

At least four bankers are under investigation for their role in the scam.