To ask Her Majesty's Government what assessment they have made of reports that some universities and independent schools are allowing overseas students to pay their fees in cash.
10 March 2021
The Government is clear that criminals should not be allowed to profit through the use of cash payments. We are cracking down hard on dirty money via our world-leading legislation and strong law enforcement response.
Money Laundering Regulations require firms to combat money laundering, check the identity of their customers and the purpose of their transactions, including the source of funds. These rules apply to businesses which might be used by criminals to facilitate the transfer of illicit funds including banks, money service businesses, lawyers and accountants.
Anyone employed in the education sector who has suspicions around the source of a student’s funds should inform law enforcement through filing a Suspicious Activity Report – if they fail to do so they could risk being struck off by their professional bodies.