New banknotes means more money laundering – here’s how companies can spot it
Accounting Insight
NOVEMBER 2, 2022
The ‘trusty’ paper banknote, which for so long has been a staple in many people’s lives, has come to an end. The Bank of England’s deadline for the legal tender status of paper £20 and £50 banknotes was the 30th September. Quite simply, the notes are now no longer usable. This likely poses a problem for two groups of people: those who have legitimately earned and saved money outside of the banking system and those who have cash reserves that have been earned from illegitimate and illegal
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