Z/Yen Limited released a money laundering report today stating that international anti-money laundering regulations are enforced more rigorously and cost more in the UK than across the world.
In a study commissioned by Corporation of London and Institute of Chartered Accountants in England and Wales, Z/Yen also found despite efforts, the regulations have not effected or deterred money laundering.
The study suggests that if the UK can find away to essentially scare launderers into perceiving that it is likely that they will be caught and face severe punishment, the UK may be able to curb laundering.
Z/Yen found that insufficient resources are aimed at laundering and the National Criminal Intelligence Service who deals with laundering should not be the only agency dealing with it.