British Government Uses Anti-Laundering Law to Combat International Tax Evasion

On April 1, 1996, the British tax media reported the British Government is employing anti-money-laundering laws to help recover £100 billion of unpaid taxes, penalties, and interest. The British Government intends to use anti-money laundering laws to ascertain whether multinational corporations are hiding assets in low-tax jurisdictions. Anti-money laundering laws are especially useful to law enforcement officials because they require the piercing of bank secrecy and impose due diligence standards on financial institutions and investment advisers requiring the "know your client" principle and identification and report of “suspicious transactions”...(more)