UK may hit Madoff on money laundering

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Madoff, who has been accused of running a $50 billion (£35.2 billion) so-called "Ponzi" scheme by New York prosecutors, also had a small office in Mayfair.

The SFO launched a criminal investigation into his business in this country last month.

It is unclear whether the SFO has actually discovered evidence of money laundering, but legal experts say it could be easier and quicker to prosecute on these grounds rather than, say, fraud.

"Proving fraud can be difficult when you're dealing with complex structures and money flowing across different countries," said SFO spokesman Sam Jaffa.

Money laundering laws were originally introduced in this country to counter terrorism and drug barons. But they can be applied in any case where money was obtained illegally and passed through the UK.

While the SFO acknowledges that Madoff had legitimate operations in London, it is examining whether money was obtained fraudulently in the US and transferred here.