Government’s laundering claims unfounded

Government's laundering claims unfounded

Money laundering is not as rife as government suggests

Money laundering is not as rife as the government has claimed, and new
regulations will only increase red tape burden on business, advisers have
warned.

The new rules, which move beyond its original scope to include retailers and
jewellers into reporting customers who could be involved in money laundering,
have been introduced without compelling evidence that it is a problem, reported
the
FT.

‘Money does not appear to be entering the financial system on anything like
the scale that is being talked about,’ said Jackie Harvey, a principal lecturer
for Newcastle Business School at Northumbria University.

Wilkins Kennedy partner Steve Golder said businesses could be prosecuted for
failing to report a suspicion of money laundering ,and will have to keep
evidence checks on file for five years.

‘This is a huge red tape obligation and captures an incredibly wide range of
businesses,’ said Golder.

Further reading:

HMRC urges business to ready for
MLRs

CCAB releases revised MLR
guidance

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource