A global “money laundering and terrorist finance network” that shipped £310 million of criminal profits overseas in a year using high street money transfer shops in London has been busted by Met detectives.
The illicit operation saw huge quantities of cash being smuggled out of the country to pay for drug imports by crime gangs operating here.
Two of the main suspects are believed to have been involved in shootings in London in a sign of the violence triggered by the criminal enterprise.
The investigation has also led to £7 million being frozen in accounts in London and another £23.6 million being seized in New York.
The detection was revealed today by Scotland Yard to highlight its growing concern about the scale of dirty money being channelled in and out of the country via “money service businesses”.
About 10,000 such businesses — which include money transfer shops and foreign exchange bureaus — operate in London.
But senior officers, including Commissioner Cressida Dick, believe that lax regulation has allowed some to become a front for money laundering which is fuelling violent crime in London. Much of the money is believed to be flown out on crates to Gulf states and other destinations.
Read the original article here: standard.co.uk
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