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Enforcement Provisions in U.K. Anti-Money Laundering Rules Called ‘Draconian’
By Brian Monroe
printProvisions in the United Kingdom's new anti-money laundering regulations that would empower government officers to enter and inspect businesses without a search warrant are "too draconian," according to a summary of public comments on the measures. The new AML regulations, which were published Wednesday, authorize law enforcement agents to search a business if they have "reasonable cause" to believe the entity is subject to AML rules but hasn't registered with the government. The regulations, effective December 15, extend AML program requirements to real estate companies, formation agents and other businesses. A summary of public comments on the new rules, also...
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