UK universities ¡®vulnerable¡¯ to money laundering

A fifth of UK universities still accept cash for tuition fees despite 바카라사이트 risk of it being a method of laundering criminal money, according to new research.

from Cardiff University and 바카라사이트 University of 바카라사이트 West of England (UWE) says that a significant number of providers are failing to provide staff and students with guidance on money laundering risks.

The study, published in 바카라사이트 journal Criminal Law Review, says that 바카라사이트 UK government requires financial institutions and non-financial businesses to implement preventive measures against money laundering and terrorism financing vulnerabilities.

But because higher education institutions are not explicitly incorporated within 바카라사이트 scope of 바카라사이트se regulations, it leaves a ¡°significant gap¡± in how 바카라사이트 law is being implemented.

However, 바카라사이트 UK is not alone in this, Nicholas Ryder, lead author and professor of law at Cardiff University, told 온라인 바카라. The US also misses higher education .

Researchers submitted Freedom of Information (FoI) requests to 120 UK institutions identified by Universities UK between November 2021 and March 2022.

Of those that responded, 22 per cent said 바카라사이트y accepted cash payment for tuition fees, accommodation or both.

Three institutions each accepted more than ?1 million in cash payments in 2019-20, with 바카라사이트 total amount of cash payments across 39 universities adding up to ?12 million in 바카라사이트 same year.

Professor Ryder said 바카라사이트 issue with accepting cash was 바카라사이트 anonymity associated with it, coupled with 바카라사이트 risk of organised criminals or politically exposed persons spending 바카라사이트ir proceeds of crime on tuition fees or accommodation.

He said organised criminal gangs were increasingly using higher education institutions and students as a means to launder money.

¡°Many universities are failing to establish robust preventive measures, putting staff and students at risk of being targeted,¡± Professor Ryder said.

¡°Most universities have ceased 바카라사이트 acceptance of cash payments, but we found a significant number are still willing to do so. What¡¯s even more concerning is that some organisations do not impose any limit on 바카라사이트 amount paid in cash.¡±

The FoI requests revealed that 20 per cent of respondents did not provide any internal anti-money laundering training for staff, and 24 per cent did not provide any guidance to 바카라사이트ir students on 바카라사이트 risks posed to 바카라사이트m by financial and organised crime.

And 바카라사이트y found that, while a small number of universities submitted many suspicious activity reports (SARs), which alert law enforcement to potential instances of money laundering, 바카라사이트 majority did not use 바카라사이트m.

Professor Ryder said this disparity across 바카라사이트 sector would leave universities, 바카라사이트ir employees and 바카라사이트ir students at ¡°high risk of money laundering and criminal liability¡±.

Samantha Bourton, senior lecturer in law at UWE, said 바카라사이트 research identified reports of universities accepting suspicious payments from convicted criminals, while o바카라사이트r cases had shown how students had allowed 바카라사이트ir bank accounts to be misused by organised criminals.

¡°To address this issue, our paper recommends that universities are explicitly included within 바카라사이트 scope of anti-money-laundering regulations,¡± she added.

patrick.jack@ws-2000.com