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More than £24 million recovered in financial crime crackdown

Sum taken by asset recovery team since 2019

More than £24 million has been recovered since January 2019 as part of government efforts to crack down on money laundering.

The sum was recovered by an international co-operation and asset recovery team, and some of the figure has been given back to victims and other countries.

It was highlighted in a report released today (21 Sep) on government attempts to tackle money laundering and the financing of terrorism. 

It says 'significant progress' has been made due to 'investment in financial intelligence, asset recovery, and crime investigation'.

The report was produced as follow up to the recommendations made by MONEYVAL, the Council of Europe's financial crime watchdog, in 2016. 

Chief Minister Howard Quayle says though cases of fraud are on the rise in 2020, the 'Island is taking action against those aiming to profit from illegal enterprises'.

 

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