Since then, the SFO has continued to investigate the proceeds of crime related to the scheme. When the family took legal action against the school, the funds were revealed to the SFO. Some also told the court they had accepted a holiday to Mauritius, in gratitude for their work on a particular property deal. Differing levels of financial and reputational due diligence can be conducted according to the level of risk the funds pose. Businesses or organisations which are not defined as a “relevant person” should still consider implementing risk-based controls, in order to limit reputational and legal risk.

Source: The Guardian December 22, 2023 16:39 UTC