FSA Calls Emergency Money Laundering Meeting

by Jason Gorringe, Tax-News.com, London

05 October 2001

The UK Financial Services Authority called an emergency meeting on Wednesday to discuss how best to tackle money laundering issues in the wake of the September 11th attacks, and to give the financial services industry a chance to question the watchdog about legal issues and its responsibilities.

'It is clear that the campaign against terrorism and financial crime more generally will need to be rigorous and sustained,' observed Carol Sergeant, Managing Director of Regulatory Processes and Risk. According to an FSA spokesman, money laundering rules, acts which could be defined as terrorism, and possible sanctions such as freezing assets were high on the agenda at the unprecedented meeting.

Following events in America, the FSA has been closely cooperating with similar agencies in other countries to track down the assets of Saudi dissident Osama Bin Laden. However, from December 1st, a date which has been nicknamed 'N2', as it marks the beginning of stage two of Gordon Brown's pet New Regulatory Organisation, the FSA will find itself with even greater powers with which to fight the battle against money laundering and financial crime. New powers will include: the ability to bring criminal prosecutions, the power to fine institutions with lax money laundering procedures, and the ability to investigate insider dealing.

Recommended