Financial advisers are being warned they may face imprisonment if they do business with any one of the thousands of individuals currently on a Government blacklist, which include some linked to terrorist funding.
A recent report by the Financial Crime and Intelligence Division (FCID) of the FSA found some firms have inadequate systems in place to reduce the risk of providing funds or offering financial services, including advice, to those on the list. It says doing business with them could lead to "criminal penalties" including imprisonment. The UK Financial Sanctions Regime (FSR) list names around 1,400 individuals and 500 entities suspected of being involved in terrorist financing. "A failure to comply with these obligations can carry serious consequences," FCID director Philip Robinson says...
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