Senior managers ‘personally liable’ for money-laundering lapses in UK

Money Laundering

This is a fine idea that needs to be implemented in the US too. Put real fear into greedhead money-laundering banksters and their ilk by coming after them personally if they break the law.

Senior management in money services in Great Britain are now personally liable for failures in money laundering. Rather than slap on the wrist fines for the corporation,  executives face prison and unlimited fines “if their neglect leads to money laundering or terrorist financing activities.”

HMRC said that senior managers at money service businesses are responsible for carrying out a risk assessment to identify where their business is “vulnerable to money laundering and terrorist financing” and for preparing policies and procedures that outline how the company will manage those risks identified.

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