Insurance brokers have been urged to remain vigilant for signs of money laundering.

The Serious and Organised Crime Agency (SOCA) is keen to enlist the support of financial services professionals to tackle this growing threat.

As well as their civic duty, people working in general insurance have been warned that they could face prosecution if they fail to act on their suspicions.

"There can be few brokers who can say they have never had a sneaking suspicion that all is not quite as it should be with a particular client," Steve Hardwick, principal officer at SOCA, wrote in this spring edition of Broker magazine.

"Making a timely report to the relevant authority where you know or suspect another person is engaged in money laundering and receiving consent to proceed with the suspicious transaction could give you a full defence to a potential money laundering charge," he added.

While general insurance is not covered by last year's money laundering regulations, prosecutions could be brought under the proceeds of crime act.

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