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Raids on businesses that ‘help launder drug profits’

The Metropolitan Police plans to raid 12 London money service businesses (MSBs) which are suspected of laund..

By admin , in England , at July 2, 2019

The Metropolitan Police plans to raid 12 London money service businesses (MSBs) which are suspected of laundering cash for organised crime gangs.

The operations come on the first day of a week-long crackdown in the capital targeting the illegal practice.

Another 39 MSBs are set to be visited by officials to check they are complying with the law.

The Met claims a "significant" number of MSBs accept cash from drug dealers who take holdalls stuffed with notes there before the money is then flown abroad without leaving a paper trail.

Around £100bn per year is laundered through the UK, but it is not yet known how much goes through MSBs.

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Image: Scotland Yard officers are to carry out raids in the capital

It is known they handle tens of billions of pounds each year, legitimately or otherwise, and that London covers around a fifth of the UK market.

Some of the laundered money is airlifted out to Dubai in the United Arab Emirates.

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Detective Chief Superintendent Mick Gallagher said: "While the vast majority of these businesses are in place for a legitimate purpose and they serve a legitimate purpose, there are a significant number from our intelligence and information within law enforcement, that definitely aren't there for a legitimate purpose.

"Money laundering is a big issue. Some of these businesses are seen as the launderettes."

Mr Gallagher said that the drug gangs who use these services illegally are linked to street violence.

"Money drives drug dealing, drives violence," he said.

"It doesn't take too much of a leaRead More – Source

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