PQ magazine is for part qualified accountants.
Read the latest web issue here – if you like what you see sign up today
Crackdown on money laundering
26 June 2017
The government is hoping criminals and terrorists will find it harder to move money through the UK financial system thanks to new rules, which came into force on 26 June.
Businesses such as accountants, banks and estate agents, will now have to carry out stringent and targeted checks to make sure that money changing hands is from a legitimate source and will not be used to fund terrorist acts.
It has been estimated that serious and organised crime costs the UK at least £24bn every year. Although the vast majority of businesses are vigilant the new improved quality checks should ensure that are not used by criminals looking to move funds or obscure assets.
• The new regulations implement the EU 4th Money Laundering Directive and complement work across government to help deliver the 2016 Action Plan for anti-money laundering and counter-terrorist finance.
Subscribe to RSS