Laying down the money laundering law

Rules designed to tackle money laundering introduced in the US last October are hitting Europe's hedge fund industry and are already having ramifications for fund service providers and private banks that invest in alternative investment products.

Nigel Morris-Cotterill, anti-money-laundering strategist at Silkscreen Consulting, says the US Patriot Act is exerting a major but indirect influence on hedge funds, using US-based banks as a pressure point to elicit more information from the hedge funds