Isomatic UK Weblog

Peter Burton's daily log, covering Peter's personal interests, e.g. jazz, travel and general grumpiness plus (occasionally) the business of Isomatic and its associate companies.

Thursday, June 02, 2005

Anti money laundering regulations = Red Tape !

Yesterday I sent the following to the UK Prime Minister's office via the 10 Downing Street web site. I would much appreciate it if others could send something on the same point but using different words.

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Much has been said about 'red tape' stifling business. The aspect that wastes more of our time than anything else is the 'anti-money-laundering' regulations. These will do nothing to prevent criminal activity but cause us continual problems because we are exporters and transfer foreign currency every week. Can these regulations please be reviewed to reduce the impact on businesses that are the life-blood of the economy.
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Anyone who has recently tried to open a bank account will have received a taste of the problems. Imagine how much worse it is if you handle foreign currency !

posted by Peter # 09:14

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