Anti-money laundering rules are becoming so expensive to implement that they could drive business away from the UK, the Corporation of Londo...

Anti-money laundering rules are becoming so expensive to implement that they could drive business away from the UK, the Corporation of London has warned in a report it commissioned in conjunction with the Institute of Chartered Accountants in England and Wales. The report also suggests that the current regulations are not effective in deterring money launderers. In the report’s foreword, Michael Snyder, chairman of the policy and resources committee at the Corporation of London, explains that the UK has applied anti-money laundering rules with "particular rigour". The UK is regarded as being more heavily regulated than other large financial centres, but not as being more effective in detecting and deterring money laundering than other countries, according to the report. The research is based on interviews with 34 anti-money laundering experts and an online survey to which there were 386 responses.