Make sure you’re not laundering dirty cash, private schools warned

TOP public schools were ordered last night to speak out if they suspect wealthy parents are paying their fees with dirty cash.

Investigators are ratcheting up the pressure on foreign nationals with vast unexplained assets who have made Britain their home. The Government is desperate to end the nation’s reputation as a haven for money laundering and crooked foreign wealth.

Public school fees, including boarding, can soar above £40,000 a year. One school treasurer has told how a Russian parent wanted to pay in cash.

Donald Toon, of the National Crime Agency, said public schools must play their part in stopping dodgy funds getting into the banking system.

‘I would certainly expect that anyone who is taking money, and that could be a school or whoever, to take responsibility,’ he said. ‘They have a responsibility to carry out customer due diligence and they have a responsibility if they are suspicious to file a report. The UK is attractive and one of the reasons it is attractive is people can put their children through very high quality education.’

Asked how often schools formally tip off the authorities, Mr Toon added: ‘Very infrequently – the number is absolutely tiny.’

The NCA is at the forefront of work to seize dirty overseas cash and assets, and drive undesirable foreign nationals out of Britain. It estimates that more than £100 billion in unexplained cash and assets flows through the country every year.

Senior investigators insist their inquiries are not focused solely on Russians, and also include those with links to the Far East, Africa and Middle East.

But the agency’s work has struck fear in the Russian expat community, with some asking Vladimir Putin’s Kremlin if they can return home.

Chelsea FC owner Roman Abramovich has not been seen in Britain for months after the UK authorities apparently declined to renew his visa in full.

Other oligarchs have complained that their private jets are being subjected to intrusive searches and formal paperwork is taking longer to clear.

Mr Toon said the NCA had ‘significantly stepped up’ its work against several Russian suspects, but declined to reveal if they were linked to Mr Putin.

His colleagues were targeting the ‘corrupt elites’, he said, with a ‘significantly increased focus’ on Russian assets.

‘We are doing a very significant amount of work and we will soon see that coming through the courts. It will take time. The people who hold these assets are not stupid – they get high quality-professional advice.’