The laws in questions are aimed only at foreign office holders - helping to prevent corrupt regimes from laundering money through British banks. The laws don't apply at all to non-office holding UK citizens, so there is no question of us ordinary folk having to comply with these additional checks.
Yet.
If a member of your extended family becomes an MP, will you be just as happy when your banking facilities are fsked up as a consequence?
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The current legislation specifically exempts UK office holders, but this bit from the speech
makes me wonder whether the banks are playing a bit of a political game. I.e. piss of MPs so they'll draft the legislation properly.However, UK banks have consciously chosen to adopt a broader definition of a PEP, which also includes customers who hold political office within the UK. Banks argue that this is desirable in advance of the introduction of the fourth money laundering directive, due to come into force in 2017, which, unless amended, will apply to domestic politically exposed persons.Leave a comment:
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Fookers voted for this tulip, so serves them right ...
... but really, it's a problem - having bank account is essential, it should not be possible to deny it unless bank can actually prove in court allegation, and if they can't then they should not cancel accounts just like this.Leave a comment:
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boo hoo
Fury at banks ‘hounding MPs’ families like African despots’: Tory politician claims new money laundering rules mean 150,000 people could have their cash seizedÂ* | Daily Mail Online
Fury at banks ‘hounding MPs’ families like African despots’: Tory politician claims new money laundering rules mean 150,000 people could have their cash seized
Banks threatened to shut the accounts of MPs and their relatives on suspicion of being linked to terrorism and international money laundering
Charles Walker claims up to 150,000 people could have their money seized
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