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Government calls for tightening of money laundering laws

The Government is calling on the European Commission to tighten existing money laundering legislation.

The Commission is currently updating its directive on money laundering aiming to strengthen existing rules governing financial institutions throughout the European Union.

The Treasury economic secretary Melanie Johnson says: &#34The UK will push for a tough directive to bring Europe more into line with the UK. The Commission&#39s proposals are an excellent starting point . But in some areas they do not go far enough.

&#34We want to see the scope of the directive extended to the proceeds of all serious crimes. And we will work with other member states to ensure that where money laundering is involved, financial sector professionals cannot hide behind excessive professional secrecy.&#34


Standard Life achieves AAA rating

Standard & Poor&#39s reaffirmed its AAA long term financial strength rating for Standard Life according to the Financial Times.The rating is based on Standard Life&#39s strong capitalisation and business position, its very strong operating performance and the high quality of its service.The life offices capital strength is demonstrated by its £10bn surplus and a non-linked […]

Money Marketing still the IFAs favourite

Money Marketing has overwhelming been voted the IFAs&#39 favourite newspaper for the fourth successive year in the only independent readership research carried out for the industry. Money Marketing is rated top for news, usefulness, comparative product information and credibility and authority with a lead of up to 80 per cent over its rivals. The research, […]

EU proposes forum for money laundering

The European Union commissioner for justice and home affairs wants a forum on financial regulations reports the Financial Times.The former Portuguese defence minister Antonio Vitorino says the forum would aid the fight against organised crime by allowing police to share information on money laundering.The report says Vitorino will raise the issue of hi-tech money laundering […]

Halifax welcomes Government&#39s call for mortgage meeting

Halifax has welcomed the announcement by the secretary of state for trade and industry Stephen Byers to hold a meeting of mortgage providers.The bank says it supports the call for mortgage regulation and consumer protection and has submitted its ideas to the Treasury.In its submission the Halifax says its research shows nine out of ten […]


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