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| Version 3 | Version 4 |
|---|---|
| Bureaux de change: Crackdown on drug gangs money laundering | Bureaux de change: Crackdown on drug gangs money laundering |
| (30 minutes later) | |
| Bureaux de change and currency transfer businesses are to be raided by police in a week-long crackdown on suspected drugs money laundering. | Bureaux de change and currency transfer businesses are to be raided by police in a week-long crackdown on suspected drugs money laundering. |
| They hope targeting the cash will reduce street violence linked to disputes between gangs by disrupting their activities. | They hope targeting the cash will reduce street violence linked to disputes between gangs by disrupting their activities. |
| Police say 12 businesses in London will be raided on Tuesday - the first day of the operation | Police say 12 businesses in London will be raided on Tuesday - the first day of the operation |
| Inspectors will visit another 39 to check they are complying with the law. | Inspectors will visit another 39 to check they are complying with the law. |
| There are around 9,000 money exchanges in London, handling tens of billions of pounds each year between them - about a fifth of the UK market. | There are around 9,000 money exchanges in London, handling tens of billions of pounds each year between them - about a fifth of the UK market. |
| 'Cash is lifeblood' | 'Cash is lifeblood' |
| Detectives say the vast majority of these companies operate legitimately, but a "significant number" - which they call "launderettes" - are involved in illegal activity. | Detectives say the vast majority of these companies operate legitimately, but a "significant number" - which they call "launderettes" - are involved in illegal activity. |
| This can include receiving bags or holdalls full of cash from drug deals and processing it to make it look as though it has come from a legitimate source. | This can include receiving bags or holdalls full of cash from drug deals and processing it 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 of this goes through money service businesses. | About £100bn is laundered through the UK every year, but it is not known much of this goes through money service businesses. |
| The crackdown is a joint operation between the Metropolitan Police, HM Revenue & Customs and financial services watchdog the Financial Conduct Authority. | The crackdown is a joint operation between the Metropolitan Police, HM Revenue & Customs and financial services watchdog the Financial Conduct Authority. |
| Det Ch Supt Mick Gallagher, who is co-ordinating the operation, said: "Money drives drug dealing, drives violence." | Det Ch Supt Mick Gallagher, who is co-ordinating the operation, said: "Money drives drug dealing, drives violence." |
| He added: "The cash is the lifeblood of this. If you choke off the ability to trade effectively, then you disrupt the network." | He added: "The cash is the lifeblood of this. If you choke off the ability to trade effectively, then you disrupt the network." |
| Following a similar 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 one 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 one London firm's links to organised crime networks from all over the UK. |