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Thursday, 30 August, 2001, 17:51 GMT 18:51 UK
Online training to fight money laundering
Man counts money
Money laundering is seen as a growing problem
A new online training programme is being launched to try and prevent money laundering in the UK.

The scheme is being introduced by the British Bankers' Association (BBA) in a bid to counter what is seen as a growing problem.

A recent report from the Fraud Advisory Panel found that money laundering by organised crime was becoming an increasing problem.

And the launch of the euro next year is also expected to lead to opportunities for money laundering while people get used to the new currency.

Fraud alert

The National Criminal Intelligence Service (NCIS) recently said there had been a 27% rise in the number of suspicious financial transactions in the UK last year, with 18,000 cases reported to it.

And on Thursday the NCIS said although Britain is not joining the single currency next year, the UK will still be prone to fraud.

"The introduction of the Euro represents a golden opportunity for organised crime and will effect us in the UK even though we are outside the Euro zone" said NCIS director general John Abbott.

'Essential' training

The new training scheme being introduced by the BBA is an extension of the workshops and conferences it is already running.

The first online training module will be launched in October, with two more to follow next year.

"London is one of the largest financial centres in the world, handling billions of pounds worth of transactions every day" said the BBA's chief executive Ian Mullen.

"Naturally this makes it a target for financial crime and it is essential that every member of staff within all financial institutions is alerted to the possibility of money laundering activities" he added.

The new training package is a joint venture between the BBA and the online financial training provider Absolutely Training, and is aimed at everybody who works in the financial services industry.

See also:

23 Aug 01 | Business
Government warned to combat fraud
27 Jul 01 | Scotland
Sharp rise in company fraud
18 Jul 01 | Business
Banks to help fund fraud force
12 Apr 01 | Business
Net fraud scam foiled
20 Jun 01 | Business
Net police fail online shoppers
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