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Launder rules cleaned up

The UK offshore crown dependencies are strengthening their anti-money laundering rules in a bid to protect their financial centres from criminals, terrorists and corrupt governments.

Guernsey, Jersey and the Isle of Man want banks and other institutions to carry out “proper” due diligence on clients even if they have been referred to them by another company.

Institutions will have to carry out a progressive risk programme to update the records of accounts.

A number of other measures aimed at clarifying and removing ambiguities and differences in standards between the islands have also been included.

A joint statement from the dependencies says: “We are determined that the success of our financial centres does not open up opportunities to criminals, terrorists and corrupt leaders. We are demonstrating our determination to ensure that our finance industries continue to meet international standards.”

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