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12/11/2001
New legislation aims to paralyse terrorist finance
The UK Government has introduced new measures aimed at combating the use of bureaux de change for the purposes of money laundering.
The move is designed to prevent terrorists from using bureaux de change to launder the proceeds of drug taking, and the new regulations see HM Customs given powers of inspection and regulation of bureaux de change, cheque cashing companies and money transmission agents.
Any person wishing to establish a bureau de change will now also have to register and receive approval from Customs and Excise, who now have the power to carry out surprise inspections.
It has been suspected that groups such as the al-Qaeda network have been using bureaux de change to move around £2 billion a year. The legislation – passed on Friday 9 November – forms part of a package of measures designed to crack down on terrorism in the wake of the 11 September terror attacks.
Bureaux de change found in breach of the new regulations could receive a fine in the region of £5,000, and since 11 September, 16 people have been arrested for alleged money laundering. Treasury officials have also revealed almost 40 different bank accounts - believed to belong to terrorists - have been frozen, representing around £70 million in funds. (CL)
The move is designed to prevent terrorists from using bureaux de change to launder the proceeds of drug taking, and the new regulations see HM Customs given powers of inspection and regulation of bureaux de change, cheque cashing companies and money transmission agents.
Any person wishing to establish a bureau de change will now also have to register and receive approval from Customs and Excise, who now have the power to carry out surprise inspections.
It has been suspected that groups such as the al-Qaeda network have been using bureaux de change to move around £2 billion a year. The legislation – passed on Friday 9 November – forms part of a package of measures designed to crack down on terrorism in the wake of the 11 September terror attacks.
Bureaux de change found in breach of the new regulations could receive a fine in the region of £5,000, and since 11 September, 16 people have been arrested for alleged money laundering. Treasury officials have also revealed almost 40 different bank accounts - believed to belong to terrorists - have been frozen, representing around £70 million in funds. (CL)
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