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NCA: Alert issued on the illicit finance risks faced by independent schools

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Chief Rat

The National Economic Crime Centre (NECC), in conjunction with the Independent Schools Council (ISC) and the Independent Schools' Bursars Association (ISBA), has published an alert on the money laundering risks faced by independent schools.

Graeme Biggar, NECC Director General said: “The UK’s independent school sector is internationally well regarded and attracts students from all over the world. Sometimes, people who have accumulated significant wealth through corruption or other forms of serious crime will attempt to secure school places for their children or the children of associates. This exposes the sector to significant reputational risks. Some of these individuals may also be subject to international financial sanctions and therefore those schools dealing with linked funds may be in breach of sanctions regulations.

“We strongly believe that through early engagement with law enforcement, the UK’s independent schools’ sector can play a vital role in the identification of suspicious funds. We hope that this alert will raise awareness amongst the sector and encourage engagement with the NCA and relevant independent schools’ associations. Working together we can prevent the proceeds of crime from entering the UK and preserve the reputation of our independent schools.”

02 December 2020

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