New rules to com­bat crime and ter­ror fi­nance

The Star Early Edition - - BUSINESS REPORT -

BRI­TAIN will bring in new rules to­day to crack down on funds used to fi­nance or­gan­ised crime and ter­ror­ism, re­quir­ing busi­nesses such as banks, es­tate agents, ac­coun­tants and pay­ment firms to carry out more checks on money flows. The gov­ern­ment said that while the ma­jor­ity of busi­nesses were vig­i­lant, the new rules would im­prove the qual­ity of the checks to make sure that busi­nesses can spot sus­pi­cious ac­tiv­ity and re­port it. “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,” Stephen Bar­clay, eco­nomic sec­re­tary to the Trea­sury, said. “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.” Bri­tain has suf­fered a se­ries of at­tacks in re­cent months, with 35 peo­ple killed by Is­lamists in London and Manch­ester, while a man killed one and in­jured sev­eral oth­ers when he drove a van into Mus­lim wor­ship­pers leav­ing a London mosque. – Reuters

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