Demands on laundering

Denton Hall is calling for the Government to be “more proactive and imaginative” in its initiatives to prevent money laundering.

Partner Robert Finney claims implementation of EC money laundering legislation imposes an unfair burden on the City and financial businesses.

At a seminar last week, he said that money laundering provisions extend the duty to report suspicions of wrongdoing without extending protection for breach of client confidentiality. Also, an institution cannot cease acting once it has reported a suspicion, yet if it continues to act and transfer funds it may be exposed to third party claims to these funds.