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Anti Money Laundering

Comment 1st July 2010

I would repeal all or most of the Anti Money Laundering legislation. It is bureaucratic and does not distinguish between "real" criminals and ordinary people

Why does this matter?

I am an accountant. Before I take on a new client I have to see two pieces of identity, for example a passport and a recent utility bill. Why? Can't criminals forge these and would I notice?

My business model is to sell "time". However if I come across something I think is suspicious I am meant to report it to SOCA (Serious Organised Criminal Agency). The problems with this are many:

1. there is no lower limit. A 1p crime needs to be reported

2. there is no attempt to analyse whether the activity is "serious" or not. Therefore a terrorist needs reporting as does a company that has received an overpayment and done nothing about it.

3. Who pays for my time when I am completing the online form?

4. There is no clear understanding of what "suspicious" is. One person might think something needs reporting someone else might disagree. At least with speed limits there is a tangible test, were you going over 30 miles an hour or not?

5. The law makes a criminal of an ordinary individual. If I do not report a suspicious activity of a company not refunding the over receipt of a penny I am breaking the law and can go to prison.

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