New Finance Regs Planned To Thwart Illicit Weapons Funding
By Lucia Osborne-Crowley (September 23, 2021, 2:48 PM BST) -- The government said on Thursday that it plans to introduce new regulations to clamp down on lenders that allow funds intended to buy illegal weapons to move unchecked through the British financial sector.
HM Treasury said in a new report that the planned reforms to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 will force finance firms to carry out risk assessments on all transactions. The aim is to allow banks to identify cash intended to fund nuclear, biological or chemical weapons in high-risk states such as North Korea or Iran.
The government said...
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