UK’s 14 remaining overseas territories risk becoming money laundering centres
as a result of the shortage in qualified investigators to police their financial
public accounts committee warned yesterday.
The MPs singled out the Turks and Caicos Islands, Montserrat and Anguilla, in
the Caribbean, as most at risk from questionable financial practices because of
poor quality regulatory standards, the Guardian reports.
‘Territories’ financial services lack the investigative capacity to
scrutinise suspected money laundering activity fully and governors have not used
their reserve powers to rectify this. In such a sensitive aspect of the global
financial system it is complacent to allow territories for which the UK is
responsible entirely to manage the risk themselves,’ the MPs warned.
Their report shows the Turks and Caicos Islands, where 700 people are
employed in financial services, only have five experts qualified enough to
investigate suspect practices.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.