Editor: The case of Mansoor Mahmood Hussain, known as ‘Manni’, (‘Leeds developer loses £10m of property due to money laundering charge’,) clearly demonstrates the huge gaps in protection against money laundering that exist in the property market, through which criminals are able to pour millions of pounds a year.
It also highlights that while some may think financial crime is ‘victimless’ because it involves moving cash through property and banks, the reality is that it funds some of the most despicable criminal activity in the country.
That just one man was able to amass such an amount of wealth through illicit property transactions shows how widespread the problem is if you multiply that across the number of criminals involved in this activity across the country and the rest of the world.
The good news is that the technology is there to protect businesses against criminal activity. SmartSearch, for example, has pioneered an advanced, triple layered anti-money laundering platform that takes two seconds to perform a personal ID check.
With the threat posed by money-laundering criminals growing, it’s never been more important for businesses to use the technology that’s there to protect them.
Martin Cheek, managing director, SmartSearch