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| Police to target money laundering by feuding drug gangs | Police to target money laundering by feuding drug gangs |
| (about 1 hour later) | |
| Police are to crackdown on bureaux de change and currency transfer businesses in London suspected of being used to launder drugs money - as part of a bid to stem the surge in street violence. | Police are to crackdown on bureaux de change and currency transfer businesses in London suspected of being used to launder drugs money - as part of a bid to stem the surge in street violence. |
| Scotland Yard says it has linked violence in the capital and other parts of the UK to disputes between gangs. | Scotland Yard says it has linked violence in the capital and other parts of the UK to disputes between gangs. |
| It believes targeting their cash will disrupt activities and reduce attacks. | It believes targeting their cash will disrupt activities and reduce attacks. |
| Police say 12 foreign currency exchange firms will be raided on Tuesday, the first day of the week-long operation. | Police say 12 foreign currency exchange firms will be raided on Tuesday, the first day of the week-long operation. |
| Another 39 are set to be visited by inspectors to check they are fully complying with the law. | |
| According to investigators, cash from drug deals usually arrives in bags and holdalls before it is processed through the business to make it look as though it has come from a legitimate source. | According to investigators, cash from drug deals usually arrives in bags and holdalls before it is processed through the business to make it look as though it has come from a legitimate source. |
| About £100bn is laundered through the UK every year, but it is not known much goes through money service businesses. | About £100bn is laundered through the UK every year, but it is not known much goes through money service businesses. |
| The companies handle tens of billions of pounds each year, with about 9,000 companies in London representing about a fifth of the UK market. | The companies handle tens of billions of pounds each year, with about 9,000 companies in London representing about a fifth of the UK market. |
| 'Cash is king' | 'Cash is king' |
| Detectives say that while the vast majority of these companies operating are legitimate, a "significant number" are involved in illegal activity. | Detectives say that while the vast majority of these companies operating are legitimate, a "significant number" are involved in illegal activity. |
| The crackdown is being carried out by the Metropolitan Police, HM Revenue & Customs and the financial services watchdog, the Financial Conduct Authority. | The crackdown is being carried out by the Metropolitan Police, HM Revenue & Customs and the financial services watchdog, the Financial Conduct Authority. |
| Det Ch Supt Mick Gallagher, who is co-ordinating the operation, said there were a lot of electronic transactions involved in money laundering but that "cash is still king". | Det Ch Supt Mick Gallagher, who is co-ordinating the operation, said there were a lot of electronic transactions involved in money laundering but that "cash is still king". |
| "It doesn't take too much of a leap of faith to understand the causal link between what goes on with young men stabbing each other, and some of the bigger serious and organised crime syndicates. | "It doesn't take too much of a leap of faith to understand the causal link between what goes on with young men stabbing each other, and some of the bigger serious and organised crime syndicates. |
| "The cash is the lifeblood of this. What we hope to do, if you choke off the ability to trade effectively, then you disrupt the network." | "The cash is the lifeblood of this. What we hope to do, if you choke off the ability to trade effectively, then you disrupt the network." |
| Following a separate operation in 2011, police described the use of legitimate bureaux de change by money launderers as a "weak point". | Following a separate operation in 2011, police described the use of legitimate bureaux de change by money launderers as a "weak point". |
| A number of people were convicted of offences linked to drug dealing or money laundering in a case that exposed a London firm's links to organised crime networks from all over the UK. | A number of people were convicted of offences linked to drug dealing or money laundering in a case that exposed a London firm's links to organised crime networks from all over the UK. |