BusinessCompany NewsTask force looks at combating terrorist attacks

Task force looks at combating terrorist attacks

Bank of England deputy governor Sir Andrew Large is heading a task force on how financial institutions in the city can survive a major terrorist attack.

Link: Laundering reports to snowball

It will examine the complex legal and policy issues behind possible new legislation covering force majeure and suspension powers in case of extreme disruption.

The need to deal with possible terrorist threats was sparked by the September 11 tragedy of 2001, which saw many financial institutions suffer damage to their operations, and in some cases heavy losses to staff numbers.

One business, stock broker Cantor Fitzgerald, lost hundreds of employees in the disaster.

The government has also acted to plug the flow of terrorist finances throughout the financial services industry with the introduction of the Proceeds of Crime Bill to tackle money laundering, which comes into force later this year.

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