Introduce a national agency to perform detailed 'anti-money laundering' testing

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Petition Action

Introduce a national agency to perform detailed 'anti-money laundering' testing

Petition Details

Anti money laundering (AML) checks are required by banks, and also legal advisers, accountants etc
Given a desire to reduce the UK as a destination for 'dirty money' rules could be tighter
AML checks are hard to carry out meaningfully and are already time consuming

Additional Information

A single agency could improve on the status quo by:
- removing duplication
- unbiased approach
- removing competitive pressures to cut rigour ('all our other [x] accepted this, why don't you?')
- speeding up transactions by pre-approval
- ability to see full picture of all UK investments when testing source of funds

Scheme could be self-funding by charging fees

Data security:
- replace info being gathered and held by multiple parties
- no need to disclose full details when issuing certificate

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