Tuesday, June 11, 2013 6:08 PM

http://www.london24.com/news/crime/six_arrests_in_currency_shop_money_laundering_crackdown_1_2231949

Premises suspected of laundering more than £3million in criminal profits were raided today as part of a Metropolitan Police crackdown on organised crime.

Police said ten money service businesses across the capital, including a number of currency exchange bureaux, were stormed throughout the day resulting in six arrests.

The operation, in conjunction with investigators from the Serious Organised Crime Agency and officials from Her Majesty’s Revenue and Customs, involved a “crack team” of 60 specialist Met detectives, Scotland Yard said. Four residential addresses were also searched.

Det Supt Nick Downing, from the Met’s Specialist, Organised and Economic Crime Command, said: “Today’s operation is part of an ongoing and intelligence-led investigation during which our officers have already seized £3.7 million believed to have been laundered at MSBs [money service businesses] between April 2012 and May 2013. Of this money, £850,000 has already been confiscated by the courts.

“Organised criminals are increasingly using money service businesses to clean their dirty cash. While most MSBs operate legitimately, some are wilfully flouting money laundering regulations in order to launder vast sums of criminal cash, converting Sterling into high denomination Euros which can be more easily moved out of the country.

“This money is then used to fund further crime in our communities and to provide criminals with lavish lifestyles.”

According to the Serious Organised Crime Agency (SOCA) over £2billion is laundered through money service businesses in the UK every year.