New financial regulations planned to thwart the financing of illicit weapons

By Lucia Osborne-Crowley (September 23, 2021, 2:48 p.m. BST) – The government said on Thursday it plans to introduce new regulations to crack down on lenders who allow funds intended to buy illegal guns to flow unchecked through British financial sector.

Her Majesty’s Treasury said in a new report that planned reforms to the 2017 Money Laundering, Terrorist Financing and Funds Transfer (Payer Information) regulations will require finance companies to conduct assessments. risks on all transactions. The objective is to allow banks to identify liquidity intended to finance nuclear, biological or chemical weapons in high-risk states such as North Korea or Iran.

The government said …

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