The British Venture Capital Association (BVCA) is preparing to join the international fight against money laundering and terrorist financing, and is drawing up new guidelines for the private equity industry.
Although a report commissioned by the BVCA shortly after the September 11th terrorist attacks recommended that the UK private equity sector be classified as low risk under the rules laid down by the Joint Money Laundering Steering Group, there are still concerns that terrorist organisations could form, or become involved with, quasi-commercial enterprises and exploit the sector for money laundering purposes.
'The private equity sector is not the most obvious home for illegitimate proceeds of crime or terrorist activity,' the task force's report confirmed. However, in light of recent events, the BVCA is recommending that private equity organisations undertake an urgent review of record-keeping procedures, and also step up due diligence investigations into the source of an investor's wealth if there is any suspicion, referring to blacklists held by the Bank of England and the US Securities and Exchange Commission.
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