UK

Tony Marks (tony.marks@cms-cmck.com) and Luke Havard-James (luke.havard-james@cms-cmck.com), Cameron Mckenna

Money laundering reporting requirements refined at last

The government finally appears to have acknowledged that the current money laundering reporting regime is onerous. The need for refinement was recognised last month by the chairman of the Serious and Organised Crime Agency, the body which will take responsibility for money laundering from National Criminal Intelligence Service (NCIS) next April. Sir Stephen Lander told a Financial Times conference that he intended to make the reporting system less time-consuming and more effective and to create a closer partnership with the private sector.