24 Sep 2020
A British parliamentary committee that scrutinizes financial affairs has asked the government and securities regulator to look into reports that the U.S. considers the country a “higher risk” jurisdiction for money laundering and economic crime.
In one of the first responses by U.K. politicians to leaked U.S. regulatory documents, Mel Stride, a member of the ruling Conservative Party and chair of the Treasury Committee, also requested that agencies review efforts to secure the financial system.
The letters dated Sept. 22 went out to Chris Woolard, interim head of the Financial Conduct Authority and Jim Harra, head of the nation’s tax collection bureau, as well as two government ministers, asking that they investigate reports from the International Consortium of Investigative Journalists that banks have been moving trillions of dollars of potentially illicit funds around the globe, including through the U.K.
Stride’s letter to the tax bureau also sought reassurances that anti-money laundering rules for property agents, company services providers and art dealers were robust. The description by the U.S. government of the U.K. as a “higher risk” jurisdiction came from the leaked documents, Stride wrote.
By Benjamin Robertson, Bloomberg, 23 September 2020
Read more at Bloomberg
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