MPs Demand Overhaul Of UK's 'Fragmented' AML Defenses
Law360, London (March 8, 2019, 12:25 PM GMT) -- A panel of influential lawmakers published a detailed report on Friday describing the U.K.'s anti-money laundering enforcement as “highly fragmented” and recommended broad reforms to bolster the fight against financial crime.
Nicky Morgan, who heads the Treasury Committee, warned the government that it "needs to bring greater order to a fragmented supervisory system" and must work harder to fight the known risks. (AP) The parliamentary Treasury Committee called for reforms to allow HM Revenue and Customs to closely regulate estate agents and for Companies House, the U.K.’s registrar of businesses, to stop professionals using shell companies to conceal the true owners...
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