header-logo header-logo

Money laundering regime hampering UK business

31 July 2009
Issue: 7380 / Categories: Legal News , EU
printer mail-detail

Over regulation may put UK at competitive disadvantage

The private sector is being unnecessarily burdened by a duty to report minor regulatory breaches to the relevant authorities under the government’s money laundering and terrorist financing regime.

A report by the House of Lords EU Committee into the approach taken within the UK was critical of the “all crimes” regime currently in operation. Contrary to support from the British Bankers Association and the Institute of Chartered Accountants of England and Wales, the Law Society said in its evidence that a well regulated market is not necessarily being enhanced by the current system. Law Society president, Des Hudson, told the committee that the all-embracing definition of property resulted in the inclusion of criminal property deriving from a wide number of regulatory offences which could not have been intended to be within the focus of the strategy.

Hudson also raised the issue of the financial burden placed on the private sector by the anti-money laundering regime. Evidence presented to the committee suggested a disproportionate burden on

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll