It should get harder for criminals to launder money

Lawyers, accountants, casino bosses and estate agents could all now face prison if they fail to report suspected fraud.

It comes under an extension to the Proceeds of Crime Act, that previously only applied to banks, to further clamp down on money laundering.

Under the act, anyone with suspicions is obliged to contact the National Criminal Intelligence Service (NCIS).

Strict conditions

Steven Philippsohn, an expert in money laundering at legal firm Philippsohn Crawfords Berwald, said that, currently, not enough frauds are being reported.

Anyone walking into a car showroom flashing �100,000 in cash will have to be reported How will the new rules affect businesses?

"At present only 25% of frauds are reported in the UK because companies are worried about the damage reported such crimes can do to their reputations, and criminals exploit this," he said.

"As of today (Monday), UK firms can't sweep money laundering under the carpet."

The NCIS believes the new rules will mean a doubling in the number of reported fraud cases.

Under the Proceeds of Crime Act police forces and the courts can confiscate illegal profits made by criminals and drug dealers.

Lawyers, accountants, casino bosses and estate agents must now contact the NCIS if someone makes a suspicious purchase or bet of �10,000 or above.

Bookmakers also have an obligation to report suspicious activity under the Proceeds of Crime Act.