'IFAs vulnerable to money laundering'

An FSA publication called 'Money Laundering Theme: tackling our new responsibilities' has identified six areas of activity especially vulnerable to money laundering where the FSA plans to focus its attention. One of these areas of activity is IFAs and offshore funds. According to the FSA, money laundering risks arise when IFAs deal with offshore funds. The FSA says IFAs often don't have the awareness required to detect and deal with suspicions of money laundering. There are two key pieces of regulation that IFAs should know about, the Money Laundering Regulations 1993 and the FSA...