Accountancy firms and solicitors are being targeted to launder the proceeds of crime, the National Fraud Intelligence Bureau’s (NFIB) Proactive Intelligence Team warns. Fraudsters are placing adverts online to attract small or struggling firms that they believe are more likely to be manipulated.
After a short time recruiting a firm to undertake general accountancy work, the fraudsters use their business banking facilities to transfer and launder money. According to a convicted fraudster recently interviewed by the team: “A lot of these dodgy investment firms will put adverts on Gumtree or Totaljobs recruiting for accountancy services and solicitors to provide book keeping and general accounts work. If I was going back into the business that’s what I would do – target the small accountants and solicitors as they get caught up in the moment and don’t realise the extent of due diligence needed.”
People recruited by criminals to help transfer stolen money are known as ‘money mules’, or ‘money transfer agents’. The Solicitors Regulation Authority says that providing banking facilities through a client account is objectionable in itself.
The NFIB says that you should always carry out ‘customer due diligence’ measures to check that your customers are who they say they are.
This warning comes during the police’s Urban Fraud Myths campaign – visit http://www.actionfraud.police.uk/.
