Banks’ procedures to report suspected money laundering uncovered several cases that have focused on terrorist financing.
Norwegian banks and financial institutions have so far this year reported 7,153 cases to the Norwegian authorities. Of them are over 5000 on suspicion of money laundering, more than ever before, reports NRK news.
Financial institutions are required to report it if they detect suspicious transactions.
Many of the cases detected the financing of terrorism.
– Yes, we have discovered laundering tracked on to terror, says chief public prosecutor Sven Arild Damslora in Økokrim.
– The methods used to launder proceeds from crime is becoming more complex, confirms director Evy Ann Hagen of Finance Norway.
Financial institutions are investing heavily in preventing and detecting money laundering and possible terrorist financing and holding methods of finding the suspicious transactions close to the chest.
Økokrim’s experience is that most cases of money laundering takes place in the same lines as other workplace crime.
– The transport industry, cleaning and washing are industries that recur when it comes to this type of criminal offenses, says Damslora.
Source: NTB scanpix / Norway Today