An IFA who fell victim to identity fraud has blasted the Government’s latest clampdown on terrorist money launder- ing as hot air.
Mint Financial Services adviser Richard Blackshaw says the police are failing to back up the recent Bank of England demand for IFA vigilance and are turning a blind eye to identity fraud despite it being used in a third of all terrorist, organised crime and money-laundering activity according to the Home Office.
The Bank of England rec-ently called for trade bodies to alert IFAs and product providers to be vigilant against the movement of terrorist funds in the wake of the London bombings.
Blackshaw recently uncovered a plot to obtain a 10,000 loan using his late mother’s details. When visiting his mother’s house a year after her death, he discovered a letter from Royal Mail redirecting all mail to an unknown address and then found a letter saying that his mother had been successful in a loan application.
South Yorkshire Police managed to stop the loan from going through but is refusing to investigate further despite protests from Blackshaw.
South Yorkshire Police told Blackshaw that it would not investigate the claim because until the fraudster obtained goods or cash as a result of the deception, no actual offence has been committed.
But a Home Office spokeswoman says: “It is a crime to attempt to commit fraud and it is a crime to attempt to use someone else’s details to commit fraud but it is always up to the police to decide what to investigate.”
Blackshaw says: “Everything said by the Government is hot air. The people responsible for this attempted fraud could have been terrorists but the police did not even try to catch them. The FSA say it is not in their remit and the police are refusing to follow it up.”