HM Treasury backs down on AML regulations
Balls concedes rules are ‘disproportionate’ in places
LONDON – Ed Balls, economic secretary to the Treasury, has signalled his intent to amend the treatment of trusts in the draft UK Money Laundering Regulations 2007, in light of industry complaints.
The move comes following consultation on the provisional proposals that provoked fierce criticism from lawyers over fears the new rules could lead to the prosecution of lawyers involved in setting up
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