Avon and Somerset Police want the region to be 'a harder place to launder illicit cash'
The force visited over 100 Money Service Businesses (MSBs) in November 2022 as part of their latest organise crime drive
Last updated 9th Jun 2024
Avon and Somerset Police say they are on a mission to tackle illicit cash being laundered across the region.
The force have now revealed that their officers joined officials from His Majesty's Revenue and Customs in November - visiting more than 100 'Money Service Businesses' across Bristol and South Gloucestershire - in their drive to make the region more difficult for criminals and organised crime groups to target.
Not only is money laundering illegal, but the police also say the money which has been laundered is then used when other criminal activities are carried out.
It is estimated that £12 billion of cash is laundered in the UK every year.
Across the UK, HMRC needs to make sure the more than 31,000 Money Service Businesses are operating legally.
These are businesses that provide money services, such as transfers, cheque cashing and services with currency exchange - and work under strict guidelines.
Failure to follow the guidelines can lead to serious consequences including fines, being prevented from running a business and criminal convictions.
The joint operation helped the police force alongside HMRC visit 104 Money Service Businesses on November 23.
Six MSBs received further checks by HMRC officers, testing their compliance against the Money Laundering Regulations.
Enquiries for those are still ongoing.
Detective Sergeant Lee Stefano from our Financial Investigations Unit said: “This has been an important operation, aimed at disrupting the ability of OCGs to generate and use criminal proceeds through money laundering. Laundered cash is often the proceeds of drug networks and County Lines misery that exploit the vulnerable and bring violence and harm into our communities.
“MSB’s have responsibilities to prevent this happening and there is no excuse for unwittingly allowing money laundering to happen, ‘turning a blind eye’ or corruptibly allowing money laundering through the business.
“We will not accept our towns and cities being negatively impacted by criminal proceeds and this operation supports a range of work being carried out by our officers to make Avon and Somerset a hostile environment for criminals to operate in.”
Mobin Khaled, HMRC’s Head of Economic Crime Supervision Compliance South said: “Money laundering is not a victimless crime. Our Regulations are there to protect businesses from those criminals who would prey on their services to wash their dirty money.
“We will continue to collaborate with law enforcement to ensure a level playing field for businesses who play by the rules and take action against the minority of businesses who fail to fulfil their legal responsibilities under the Money Laundering Regulations.
“Serious and organised crime costs the UK billions of pounds every year and our anti-money laundering supervision is a vital tool in combatting that.”
Further information and guidance for Money Service Businesses can be found here.
Businesses can also register for anti money laundering supervision online here.