Money-laundering reports soar
Police and Customs officers have recorded an increase of more than 50 per cent in the number of suspected money-laundering cases reported by financial institutions - excluding banks - in the first eight months of the year over the whole of last year.
The two agencies received 66 reports of suspected laundering between January and August, compared with 43 in 2000, 14 in 1999, and 24 in 1998.
A police spokeswoman said: 'It does not necessarily mean money-laundering is getting worse at non-bank financial institutions in the SAR. It may simply mean people and institutions are more aware of their legal obligations and willing to come forward.'
In the banking sector, 3,975 cases were reported up to August this year, compared with 5,995 in 2000, and 5,757 in 1999. Police did not provide a breakdown of the reports but most cases involved drug money, followed by fraud.
All reports must be investigated but many could turn out to be legitimate transactions, while others may later be classified under different crime categories. A genuine money-laundering case might also result in several reports, police said.
A senior officer from the force's Commercial Crime Bureau said he had noticed a significant increase in cases, but declined to call it a rising trend.
Seventeen cases resulted in prosecution both last year and in 1999, with 12 in 1998. The figure for this year is unavailable.
