The value of money laundering cases surged last year, according to a study by the auditor BDO. Reported money laundering in the UK rose to £288m in 2013, more than four times the £70m recorded in 2012.

The firm’s FraudTrack report, which looks at cases of reported fraud valued at over £50,000, found a rise in the number of money laundering cases as well, from 33 to 39.

BDO also said that, despite the total value of fraud cases dropping £320m to £1.05bn in 2013, in the financial services sector there was an increase from £473m to £532m. The jump is linked to a crackdown by the new City watchdogs on the industry, said BDO’s head of fraud, Kaley Crossthwaite.