ABSTRACT
Since the abolition of exchange control in the late 1970s and early 1980s, it has been possible instantly to transfer money of any amount or denomination virtually anywhere in the world. The United Kingdom is party to an impressive range of international instruments dealing with drug trafficking, money laundering and organised crime. No one knows with certainty how much money derived from drug trafficking, fraud, pornography, prostitution, smuggling and corruption is laundered every year through the financial system. Sophisticated financial centres such as the City of London, where it is possible to trade in any conceivable commodity or instrument, are particularly attractive to the launderers. As a minimum, in line with the recommendations of the financial action task force, all states should bring into force laws which make money laundering, and failure to disclose knowledge or suspicion of it, specific offences.
