Anti-money laundering consultation

Ed-1

There's a consultation out today on changes to AML legislation.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/518016/Action_Plan_for_Anti-Money_Laundering_-_Annex_A.PDF

It looks to me as if things are just going to get worse in terms of AML paranoia and banks freezing/closing accounts. There may be an additional requirement for everyone to declare their source of wealth (and forfeiture of assets if they fail to do so) and banks may have a new power to allow money held in bank accounts to be swiftly seized and forfeited as a result.

Browntoa

wonder how all the rich foreign property "investors" get round them so easily

GingerBob_3

Here are the highlights:


Data sharing between private sector organisations to tackle money laundering and terrorist financing


The creation of a new power to require individuals to declare their sources of wealth

Development of a new power to allow money held in bank accounts to be swiftly seized and forfeited


Didn't you just know this would happen after Panama?


Loads more hassle for the innocent man in the street, with plenty of opportunities for miscarriages of "justice". Further prying into your private affairs by the State and all its components. Will this tackle the Panama problem? Will it hell-as-like! They will carry on regardless.

Kim_13

Are people supposed to keep every payslip for life now then?

Can you get a copy of a will from years ago if they start asking questions?

What a mess.

GingerBob_3

Kim_13 wrote: »

Are people supposed to keep every payslip for life now then?

Can you get a copy of a will from years ago if they start asking questions?

What a mess.

Blundering governments. It's what we've come to expect.

ChiefGrasscutter

It is all probably something to do with implementing revised changes to UK law in the face of the 4th EU money laundering directive.
As we all know the UK is required to comply with such directives - in this case by 26th June 2017.

So you can blame the EU.....again.

maninthestreet

GingerBob wrote: »

Here are the highlights:


Data sharing between private sector organisations to tackle money laundering and terrorist financing


The creation of a new power to require individuals to declare their sources of wealth

Development of a new power to allow money held in bank accounts to be swiftly seized and forfeited


Didn't you just know this would happen after Panama?


Loads more hassle for the innocent man in the street, with plenty of opportunities for miscarriages of "justice". Further prying into your private affairs by the State and all its components. Will this tackle the Panama problem? Will it hell-as-like! They will carry on regardless.

Also:

The creation of an illicit enrichment offence

What on earth is 'illicit enrichment'?