ONE of the greatest problems that governments around the world encounter is that of money laundering and it is a major task to try to identify attempts to legitimise money that has been obtained illegally.
One new start-up technology company in Madrid, Pibisi believes that it can analyse potential money laundering risks not just by criminals but also by terrorist organisations looking to move money around the world.
It has just raised €140,000 and has found ready support from a number of large investment companies and also Angels which is owned by Juan Roig, President of Mercadona who can see the importance of the ‘Cloud’ to track down bad money.
Nowadays, companies have an obligation to try to ensure that they are not, even unknowingly, accepting investment from criminals or selling goods or properties where the source of the funds is not known.
This is an ideal option for banks, estate agents, auction houses, car dealers and other sellers of expensive items to take positive action to ensure that they are in compliance with the law and to advise the authorities of any suspicions they may have.