U.K. Looks to Relax Money Laundering Rules to Help Businesses
The U.K. government said it will look to relax anti-money laundering controls as part of a plan to save British companies 10 billion pounds ($15.4 billion) over the next five years.
Britain will look at ways to make the rules, designed to block terrorists and criminals from using the financial system, more efficient and effective, the Department for Business, Innovation and Skills said in a statement on Friday. The government said it wants to protect the country without putting “disproportionate burdens” on legitimate businesses.
British lenders HSBC Holdings Plc and Standard Chartered Plc have been fined almost $2.3 billion between them by U.S. authorities for failures in their money-laundering controls. Chancellor George Osborne said in June he would look to draw a line under a period of ratcheting up ever-larger penalties for banks and establish a “new settlement” with the financial services industry.
“This new review is about making sure the rules we have to protect our strong financial services industry from abuse are not unintentionally holding back new and existing British business,” Business Secretary Sajid Javid said. “I want firms to come forward and tell us where regulation is unclear or its enforcement ineffective.”
This review is one of six the government will run as part of plans to streamline rules over the next five years. It will look at the implementation of legislation by Britain’sFinancial Conduct Authority and tax office.
Source: Bloomberg – U.K. Looks to Relax Money Laundering Rules to Help Businesses
