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FSA - Current money laundering regulations working
17 October 2007
Banks and building societies, among other companies, working within the current anti-money laundering structure feel the system is working, the watchdog overseeing the scheme claims.
The Financial Services Authority (FSA) regulates the current system, which includes the powers to close businesses and imprison offenders of money laundering.
However, from December 15th, changes to the scheme will be brought in from the third European Union directive on the subject and will include a widening of all anti-money laundering legislation. The new rules are part of the Money Laundering Regulations 2007.
A spokesperson for the FSA said: "For those already within the structure there is not much change happening. The existing structure now covers a lot more than it did before."
The FSA is an independent body that regulates the financial services industry in the UK.
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