PracticeAccounting FirmsCity baffled by money laundering

City baffled by money laundering

Some parts of the City are still struggling to come to terms with the anti-money laundering rules, according to Sir Howard Davies who this week celebrates the first full birthday of the Financial Services Authority.

Link: FSA profile: In safe hands

In an exclusive interview with Accountancy Age, Sir Howard said financial service firms could do more to improve the anti-money laundering training of staff, though he insisted things are improving.

Sir Howard said: ‘Some sectors have historically been less conscious of the risks of being used for money laundering than others.’ But he added: ‘This is changing and we are finding a much stronger general awareness of both the risks of money laundering and their obligations under the rules.’

Sir Howard denied that an increasing burden of regulation was making it difficult for companies to provide cost-effective financial products.

‘There’s no evidence we are preventing firms making a profit. The UK financial services industry is very profitable – even in difficult market conditions,’ he said.

The FSA gained its full powers on 1 December 2001.

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