PracticeAuditNew anti-terror plans to assist auditors

New anti-terror plans to assist auditors

Consultation paper out today

A new government consultation paper propose tougher regulations to tackle
money laundering and terrorism funding may call on businesses to keep better
records and in English to make it easier for auditors to follow the money trail.

The proposals will be aimed at money changers and will also float new
licensing powers in an effort to make it harder for companies to set up as
businesses like bureaux de change, the Treasury said.

The government started to tighten money service regulation in the wake of the
September 11 attacks in New York, which highlighted the need to combat the
financing of terrorism as well as more traditional fraud.

‘The vast majority of bureaux de change, cheque cashers and money remitters
are honest and important partners in the fight against crime,; said Treasury
economic secretary Ed Balls.

‘But the scale of the challenge we now face demands we strengthen our current
financial controls so that we can root out money laundering and terrorist
financing,’ he added.

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