City winning fight against money laundering
FSA chairman Sir Howard Davies says London's financial institutions have 'vastly improved' measures to fight money laundering.
Speaking to the BBC, the head of the City’s chief financial watchdog said that before the Financial Services Act came into operation in December last year, it did not have the responsibility for reducing financial crime in London.
But he said the Act contained a ‘new set of controls to bring criminal prosecutions against banks for money laundering offences.’
Sir Howard insisted that problems in tackling money laundering offences have now been resolved.
He told the BBC: ‘We perfectly accept there was a gap in our regime, that has now been filled.’