In the Media

City's costly money laundering rules 'driving out business'

PUBLISHED June 28, 2005

Anti money laundering rules are becoming so expensive to implement that they could drive business away from the City, the Corporation of London warns today.

The cost of complying with the regulations aimed at preventing the City being used to transfer illicit cash are higher than abroad, according to a report commissioned by the corporation, the local authority for the City's financial district.