Monday, 22 Jan 2007 13:54
The government has published new regulations to tackle money laundering.
Economic secretary Ed Balls unveiled the draft proposals, which represent a tightening on regulatory requirements to prevent money laundering help finance terrorism.
The regulations, which begin their consultation period today, will enforce stricter tests on businesses, allow extra checks on high-risk customers suspected of money laundering and enforce "a requirement to establish the source of wealth for those in high-risk situations".
"These regulations will strengthen further the UK's defences against money laundering and terrorist finance," Mr Balls said.
"By taking tough and targeted new measures where the risks are greatest we will crackdown further on illegal activity and help force criminals and would-be terrorists out of the shadows."
The regulations include a series of deregulatory burdens on low-risk areas, however, including reductions on unnecessary repetitions of identity checks and greater flexibility in record-keeping rules.
"Our regulations will ensure that businesses and consumers in low risk situations face fewer burdens than previously," Mr Balls added.
The government estimates that approximately £15 billion is lost from organised crime, including from money-laundering, every year. Today's regulations are due to be introduced by December this year.
http://www.inthenews.co.uk/money/news/politics/money-laundering-regulations-unveiled-$1044228.htm
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment