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City Forex calls for more regulations to cover


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

City Forex calls for more regulations to cover
Money laundering

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

Says Mr Burrows:”We do not think that regulation covering money laundering goes anywhere near far enough. While it is true that banks operate under the authority of the Financial Services Authority, there is no similar control over the independent money transfer networks.

“The major companies of course do everything in their power to ensure they do not facilitate financial crime. However up and down the country there are many small and medium sized outlets who do not have a rigorous system of their own. You have only to walk down a high street and see the many informal outlets operating and wonder just how energetic 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, there is scope for a review of the whole 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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