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City Forex calls for review of regulations to cover anti-money laundering


WEBWIRE

International Conference
Global Money Transfers
Institute of Directors
Pall Mall, London
17th/18th October, 2005
Chairman
Rt Hon. Lord Lamont of Lerwick
Chancellor of Exchequer 2003-2005

City Forex calls for review of regulations to cover anti-money laundering

Richard Burrows, co-founder of City Forex, an independent foreign exchange company, will address the conference calling for a review of regulation of the small and medium sized money transfer networks.

Says Mr Burrows: “We believe that regulation covering anti-money laundering should be more prescriptive and less given to interpretation or discretion.

“The major companies of course do everything in their power to ensure they do not facilitate financial crime. However, some small and medium sized outlets that do not have a rigorous system of their own or the resources, may be vulnerable and this could be damaging to the industry as a whole. You have only to walk down a London street and see the numbers of independent outlets operating and wonder just how successful are they in arresting attempts at money laundering.

“We believe that for customer confidence, and in order to maintain the highest professional standards with regard to anti-money laundering compliance and sound operating practice, there is scope for a review of the current regulatory environment. All reputable companies should seek such cover for it would bring them into line with the banking sector and give comfort to clients in a climate where suspicion and temptation is so great. In the end such regulation would assist not hinder the smaller and medium sized operators.”



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