A small U.K. money exchange firm doctored compliance records and circumvented currency controls to avoid regulatory scrutiny and launder more than Â?50 million for European criminal gangs over a 4-year period, U.K. officials said. Father and son Syed and Jamshed Abidi failed to file a single suspicious activity report, or SAR, on any illicit transactions at their now-defunct money services business, Euro 1, in London, and covered their tracks by compiling accounting ledgers that were a "painstakingly crafted work of pure fiction," prosecutors said in court. Because they were unable to conduct large wire transfers, the Abidis used larger, wholesale...
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