FLAG IT UP anti-money laundering campaign launched
LAWYERS throughout the UK are being urged to FLAG IT UP in an attempt to curb multi-billion pound money laundering criminals.
The UK Government has launched a new campaign which aims to raise awareness among professionals in the legal, accountancy and property sectors who are often targeted by money launderers.
The FLAG IT UP campaign has four key messages:
- Criminals may try to exploit your services. It’s your personal responsibility to conduct thorough due diligence to protect yourself. Don’t be guilty of facilitating money laundering.
- Money laundering has severe penalties. You could damage your or your firm's reputation, lose your licence or face prosecution.
- The impact of money laundering on society is devastating. Don't help to line the pockets of criminals who commit modern slavery, human trafficking or fraud.
- Even when the proper process is followed, things can slip through if you don’t look closely enough.
The legal, accountancy and property sectors are working with the Government in the initiative, and the Faculty supports the campaign.
CEO Iain Reid said: “Although money laundering regulations affect only a small percentage of our 430 practising members, the Faculty is keenly aware of its responsibilities in this area. We have a designated anti-money laundering committee, and Advocates are obliged under the Faculty’s Code of Conduct to acquaint themselves with the regulations covering proceeds of crime and money laundering, and to take appropriate steps to comply with them.
“We are pleased to promote the FLAG IT UP campaign to members and encourage them to remain vigilant to the dangers of money laundering.”
Details of the campaign are at https://flagitup.campaign.gov.uk/