The financial challenge to crime and terrorism

HM Treasury has published a paper entitled The financial challenge to crime and terrorism. The paper looks at the UK’s current anti-money laundering and counter-terrorist finance strategy. It also sets out the Government’s strategic priorities in this area for the next five years.

In the paper it is stated that the Government's proposals include:

  • Further steps to extend the risk-based approach, including through the creation of a new money laundering Supervisors' Forum and a commitment to ensure authoritative guidance is available in all regulated industries.
  • Reforms to reduce the burden of crime and security measures on business, including measures to simplify identification and due diligence checks within revised Money Laundering Regulations and a consultation on changes to the consent and tipping-off rules.
  • Further steps to promote the proactive use of asset freezing powers, including the creation of a dedicated Treasury Asset Freezing Unit.

Bank of England Financial Sanctions

On 2 March 2007, the Bank of England issued a news release relating to financial measures taken against 5 individuals. Also on this date the Bank of England issued a news release relating to financial measures taken against the Democratic Republic of The Congo. On 7 March 2007, the Bank of England issued a news release relating to financial measures taken against Zimbabwe.