HISTORIC PRESS RELEASE : Government consults on further action in fight against organised crime and terrorist financing [July 2002]

The press release issued by HM Treasury on 23 July 2002.

The Government today began a consultation examining ways in which greater disclosure of beneficial ownership of companies could help law enforcement agencies tackle financial crime.

Potential benefits of greater disclosure are:

• enhanced deterrence and prevention of financial crime
• reduced credit costs  for business
• higher recovery rates of criminal assets
• higher business confidence

In a joint statement, Ruth Kelly, Financial Secretary to the Treasury and Melanie Johnson, Parliamentary Under Secretary of State for Competition, Consumers and Markets, said:

“The Government is determined to ensure that the UK stays at the forefront of the international fight against organised crime and terrorist funding. The consultation will examine ways of further strangling the flow of funding for crime and terrorism and demonstrates the UK’s continuing commitment to the highest international standards in preventing money laundering and combating terrorist funding.

We need  to ensure that  UK companies  are not subject to disproportionate new burdens.  Any new regulations should be proportionate and careful attention will be paid to the impact of any potential changes, in particular on small companies.

We hope this Assessment will offer the opportunity for the key issues to be widely discussed and are keen to hear the views of industry, law enforcers and policy makers in this field.”