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25 Jan 2007
New regulations implementing the Third EU Money Laundering Directive, published by economic secretary to the treasury Ed Balls, also extends compliance supervision to trust and company service providers, estate agents, consumer credit providers and financial services providers.
Members of the AAT, ATT and CIoT will be covered by the new the new rules. There will be a new requirement for regulated firms to conduct enhanced due diligence in respect of customers and circumstances considered to pose a higher risk of money laundering and terrorist financing.
Balls claimed in a written statement to Parliament that the regulations are in line with the three key principles that underline money laundering and counter-terrorist finance strategy, ‘effectiveness, proportionality and engagement both domestically and with international partners’.
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Yet more meaningless paperwork!
Is there any evidence that the amount of time spent by professionals and others on identification has actually had any effect on ML or 'terrorist financing'?
Or that the time and cost is proportionate to any benefit? I doubt it.
Any self respecting criminal or terrorist would quickly find ways around these rules.
Posted by: Bryan, 26 Jan 2007 | 00:00