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HM Treasury to crackdown on terrorist financing and money laundering

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New regulations are part of the EU 4th Money Laundering Directive and make businesses more responsible in their checks of how money is being sourced and used…
HM Treasury to crackdown on terrorist financing and money laundering

A new set of rules which come into force today are aiming to make it harder for terrorists and criminals to move money through the UK’s financial system.

The new regulations implement the EU 4th Money Laundering Directive, and see a number of businesses, from banks to estate agents, having to carry out detailed checks to ensure that money changing hands comes from a legitimate source, and won’t be use to fund terrorism.

In a time where tensions are high across the UK following a string of terror attacks, the new rules show just how important it is that the UK has the tools it needs to protect against similar incidents in the future.

“With terrorist attacks on the rise, any legislation that creates a more hostile environment for the funding behind them must be welcomed,” explained Luca Primerano, Head of Strategy at AML firm, Fortytwo Data. “The problem is, however much due diligence and additional risk assessment the new legislation introduces, it cannot be relied on to solve illicit money flows once and for all.”

Naturally, the vast majority of businesses are already vigilant when it comes to KYC measures, but HM Treasury says that serious and organised crime costs Britain at least £24 billion a year. The new rules, therefore, aim to improve the quality of the checks being carried out by businesses, ensuring that suspicious activity can be spotted and reported. In turn, the police will be able to act quickly to prevent corruption or terrorism.

Read more: https://www.fx-mm.com/news/69640/crackdown-terrorist-money-laundering/