Monday, February 27, 2006

Kent Robbery: Money Laundering

Every time there is a major bank robbery, there is speculation how the money will be laundered.

The culprits of the recent bank robbery in Kent have already tried to place some of the money in the Portman Building Society. The staff alerted the police when a large amount of cash was deposited.

What the robbers are trying to do is give the money a legitimate source. This can be done by buying investments & surrendering the money early. The money is then routed through a complicated route of other financial institutions.

When make contact with a financial institution or adviser for the first time, you have to give 2 forms of identity. The reason….Money Laundering legislation.

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