Catch up on economics articles you may have missed from September and October 2020. This month we look at household savings during the Covid-19 pandemic, and whether the furlough scheme is discriminatory.
Documents to download
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Politically Exposed Persons: Current Regime and Reforms (102 KB, PDF)
Banks and other financial institutions are required to conduct enhanced customer due diligence when dealing with people identified as PEPs. This is intended to help trace and put a stop to the financing of terrorism. It has been argued that, in some cases, financial institutions have declined to handle accounts of UK PEPs as a result. This process of withdrawing financial services for PEP’s has been described as ‘de-risking’.
The current anti-money laundering rules are set out in Money Laundering Regulations 2007, which implement the EU’s Third Money Laundering Directive in the UK. The Fourth Money Laundering Directive states that the enhanced due diligence measures, current required for foreign PEPs, should be extended to domestic PEPs. This directive has yet to be agreed in the European Parliament. The UK Government has stated its intention to implement new money-laundering regulations by June 2017.
Documents to download
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Politically Exposed Persons: Current Regime and Reforms (102 KB, PDF)
Related posts
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The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. The House of Lords Secondary Legislation Scrutiny Committee has not raised concerns about any of the regulations. The House of Commons is yet to consider them.
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The bill would provide for the next business rates revaluation to take effect from 1 April 2023. This briefing considers: the background to the bill, including recent government proposals to change the frequency of revaluation; what the bill would do; and what happened to it during its passage through the House of Commons.
