Businesses including estate agents, banks and accountants 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 terror acts or other organised crime, as the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 come into force.
The new legislation – which includes the Criminal Finances Act – aims to make it harder for criminals and terrorists to move money through the UK financial system, by checking more thoroughly that sources of money and ownership of assets are more transparent. It gives law enforcement extra powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism.
The Economic Secretary to the Treasury, Stephen Barclay: “We are cracking down on terrorists and criminals funnelling money through our financial system.
“Terrorist financing and money laundering are significant threat to our national security, and we are determined to make the UK a hostile environment for illicit finance.
“These new rules will tighten our defences, protect the integrity of our financial system and help protect the British public from terror attacks and criminal activities.”
- Unexplained Wealth Orders, Explained (February 2017)
- From Chelsea To The Clink: Estate agency, money laundering and some guy called Boris (July 2015)
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (via gov.uk)
Check the full Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 here