New anti-money laundering rules, which come into force today, will make people purchasing items worth over £10,000 with cash go through extra security checks.
The extension of the Proceeds of Crime Act will now cover more sectors, including casinos and estate agents. Tougher rules are being introduced throughout Europe.
Professionals who deal with company finances could a jail term of up to five years if they fail to report anomalies, but are not allowed to tell clients they have reported them.
The National Criminal Intelligence Service (NCIS) said it estimated that up to £25bn is laundered through the UK each year.
Law firm Philippsohn Crawfords Berwald’s money laundering expert Steven Philippsohn, said: “At present only 25% of frauds are reported in the UK because companies are worried about the damage reporting such crimes does to their reputation, and criminals exploit this.
“As of Monday, UK firms can’t sweep money laundering under the carpet.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
