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Hurdles Remain As UK Pushes On With AML Fighting Register

March 8, 2019, Law360

Ian Hargreaves spoke with Law360 regarding the European Union’s latest round of anti-money laundering laws. Mr. Hargreaves says, “If the legal framework is observed and enforced, the PSC register will be incredibly powerful. Without verification and proper review, though, people will get around this.”

 

He adds, “One of the big criticisms with the way in which the PSC register was introduced is that Companies House is not a regulator, so it does not review or verify the quality of the information it is receiving in the same way that a regulator would. With more financial support, individuals can be employed to review the content and alert any red flags. But that costs money and most government agencies, notwithstanding the recent budget, are strapped for cash."

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