Businesses under microscope in money laundering reforms


COMPANIES that facilitate or enable money laundering will be taken to task by the government as it looks to declare war on those who move, hide or use the proceeds of crime or corruption.

The Treasury and the Home Office have announced a new action plan for anti-money laundering and counter-terrorist finance, three weeks before the prime minister speaks before a global anti-corruption summit.

The action plan intends to create an ‘enhanced law enforcement’ against the threat the UK finance system faces, including passing through ‘tough new legal powers’ to tackle criminals and the financing of terrorist organisations.

Also on the agenda is to reform the supervisory regime so the government can bring companies that facilitate money laundering to task, as well as increasing the ‘international reach’ of law enforcement agencies.

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