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Flex And The City Podcast and Blog

Time for a Different Approach to Financial Regulations

A few weeks ago, a report by the UK Treasury Committee revealed both the enormous scale of economic crime in the UK (estimated to be worth between tens and hundreds of billions of pounds) and a perceived large-scale resistance by UK accountancy & legal companies in tackling the issue. For example, there are little or no co-ordinated efforts to tackle money laundering between different industry sectors. Estate agents and their financial services arrangements are highlighted in particular by the Committee as being a weak link in Anti-money laundering efforts – for failing to protect the UK from proceeds of corruption being stashed in the property sector. Damaging and irresponsible? Certainly.

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