BusinessCompany NewsLord Mayor raises money laundering alarm

Lord Mayor raises money laundering alarm

The UK has come under fire over its response time to requests for assistance in money laundering probes from overseas officials.

Links: Banks launch anti-money laundering offensive

Lord Mayor of London Michael Oliver, on an official visit to South Africa, told the FT Britain was one of the slowest countries to react to requests for help from overseas authorities.

While on his visit, Oliver was told that police officers and bank financial regulators in Johannesburg had to wait months, and in one case two years for help from UK authorities.

He now plans to write to home secretary David Blunkett to seek assurances that ‘the government will do all it can to remove any delays in the system’.

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