Money laundering crackdown to stop illicit lavish spending

The government has pledged to crack down on criminals’ ability to spend their money on luxuries such as expensive property, cars and private schools.

Ben Wallace, the security minister, stressed the people at the top of drug-dealing and human-trafficking operations are “just as bad” as foot soldiers on the street and “need to have the same weight of the law on them”.

Speaking on the Today programme, he said: “If we’re going to harden the environment they operate in we’ve got to attack the status they enjoy.

“We have to make sure when they go out to spend their ill-gotten gains that we’re asking ourselves: ‘Does it pass the sniff test?’”

He pointed to the example of the woman who spent £16 million in Harrods…

... read more at: https://www.thetimes.co.uk/article/money-laundering-crack-down-to-stop-illicit-lavish-spending-p3dt8ggsm

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