Crackdown on financial crime
Accountants, banks and estate agents are among the firms that must carry out tough new checks as part of a crackdown on terrorism funding. New curbs introduced this week will tackle laundering, help firms spot and report suspicious deals and beef up police powers. Law enforcement bodies will also have authority to seize funds behind serious crime, which costs Britain £24bn. Separately, ministers have legislated to close a loophole that has led to allegations that Britain is facilitating money laundering on a vast scale. The dramatic growth in a little-known legal entity - Scottish Limited Partnerships (SLPs) - has given rise to claims they have been used to process the proceeds of crime in Eastern Europe and beyond. From Monday, SLPs will be forced to reveal their true or "beneficial" owners within 28 days or face a fine of £500 per day.
Source: The Sun (24/06/2017)