Government unveils anti-money laundering plans

The government will tackle money laundering by forcing people to declare sources of wealth, enabling the seizure of money from bank accounts and improving data sharing.

In its ‘Action Plan’ launched today the government made the proposals, as it said data sharing needs to be improved between law enforcement agencies, supervisors and the private sector.

On 12 May Prime Minister David Cameron will speak at an anti-corruption summit in London and he is expected to announce plans to unmask the details of overseas shell companies used by criminals to mask ownership and taxable assets.

Cameron said: “The UK has been at the forefront of international action to tackle the global scourge of aggressive tax avoidance and evasion, and international corruption more broadly.

“There is clearly further to go and this taskforce will bring together the best of British expertise to deal with any wrongdoing relating to the Panama Papers.”

Mark Hayward, managing director, National Association of Estate Agents, said: “We welcome the aggressive powers that the Home Office have proposed to tackle money laundering in the UK.

“The entry of corrupt money in the UK has a very real impact not just on the property market but also on the wider community when properties are left empty for long periods.”

Enter your e-mail address to receive updates straight to your inbox

* indicates required
Send me news on...

Read the full story and more at Specialist Finance Introducer
About Ryan Fowler 606 Articles
Ryan Fowler is the editor of Specialist Finance Introducer