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IAMTN to meet British finance minister, Economic Secretary to the Treasury, Mr. Ivan Lewis, MP


IAMTN to meet British finance minister, Economic Secretary to the Treasury, Mr. Ivan Lewis, MP

Lady Olga Maitland, the CEO of International Association of Money Transfer Networks will meet with Mr Lewis at the Treasury, Whitehall, London in 19th April, 2006

The purpose of the meeting will be to brief the Minister on developments in the work of IAMTN, and in particular to discuss the challenge on money laundering.

Mr. Lewis was a keynote speaker at the IAMTN conference in October, 2005. In his remarks he addressed the whole issue of financial crime, and an awareness of the importance to balance regulatory requirements with the needs of the money transfer operators.

Mr. Lewis’ department at the Treasury take an active role in harnessing information passed on to them on suspected money laundering.

Says a spokesman for Mr. Lewis:”We are aware of the helpful role IAMTN can play in assisting us with enquiries, and indeed in forwarding to us cases of suspected financial crime.

Says Lady Olga: “Since IAMTN has been launched we have received a considerable number of cases where money laundering is suspected. It is important that information is shared. Ideally we will be seeking a mechanism whereby there is a common tracking system to monitor the abuse of financial transfers, so only the legitimate get through.

“I will also discuss with the Minister issues that face the small money transfer operator identifying the difficulties that face him, including the requirements of ‘knowing your customer’. There have been too many cases brought to our attention where the small operator is excluded from the mainstream, and in particular in getting a retail bank to take him as a customer.

“We all agree we must work out a system whereby we bring the small operator into the mainstream of money transfer operations. Otherwise he and his clients will remain in the informal sector leaving them vulnerable to the unscrupulous.”


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