massive financial penalties because of their failure to take new laws about
Money Laundering seriously, warns leading corporate crime and fraud solicitor Martin Cunningham.
The new Money Laundering Regulations come into force on 1 March.
"Any company that handles single transactions involving cash of 15,000 euros
(around Â£10,000) needs to ensure it has taken the necessary precautions to
"Briefly this means having systems and training in place to prevent money
laundering, along with ensuring appropriate record keeping and internal
reporting procedures exist.
"If a company hasn't got these basic requirements in place by 1 March, they
could face a criminal prosecution," explains Cunningham.
For further information, please contact:
Martin Cunningham 0161 456 5857
Ruth Shearn 0161 929 5194