Banks, lawyers and accountants are experiencing a feeling of deja vu. Another raft of European legislation descends, new domestic implementing law is published and the UK is once again at the forefront of increased anti-money laundering regulation.
When the draft 2007 Money Laundering Regulations were published in January, the economic secretary to the Treasury, Ed Balls, said: “These regulations will strengthen further the UK’s defences against money laundering and terrorist finance… at the same time our regulations will ensure that businesses and consumers in low-risk situations face fewer burdens than previously.”
