Criminal financing or ‘dirty money’ is at the heart of almost every serious and organised crime and sharing financial intelligence can help prevent such crimes, British government officials have said.
Richard Riley, director for economic crime, cyber and anti-corruption at the British Home Office told an audience at The Royal United Services Institute (RUSI) in central London this week that dirty money is even behind crimes that don’t seem to be motivated by profit.
“It’s [criminal financing] even in the manifestation of serious organised crimes that are not primarily driven by profit - child sexual exploitation for example - financial intelligence is a way to tackle some of those crimes,” Mr Riley said.
“It's [financial intelligence] an important intelligence form into some of the grooming gangs on the street level,” he added.
The exact amount of dirty money that goes through the UK on a yearly basis is not known but it is thought to be in the billions of pounds.
To reduce the amount of dirty money coming through the UK and funding street gangs, officials agreed that financial institutions should work with law enforcement to share intelligence.
In 2018, the financial sector flagged over 460,000 Suspicious Activity Reports (SARs) a year to the National Crime Agency to indicate possible money laundering or terrorist financing.
But senior representatives in the financial sector and treasury officials believe the communications could be streamlined to avoid “false positives” and that banking staff should be asked to monitor suspects of financial crime by law enforcement so that they stop more criminals in their tracks.
Ken Menz, head of economic crime reform at the British Treasury, who was also at the event, said that the government has been engaging with private sector partners to tackle financial crime, often through sharing data.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
