U.K. Gives Dependent Territories Deadline for Laundering Compliance

On October 27, 20000, the media reported the United Kingdom has ordered its six Caribbean dependent territories (DTs) to comply with new anti-money laundering requirements, thereby continuing the pressure for the DTs and the consequences of non-compliance. According to British authorities, its demands are based on a review by the accounting firm KPMG of financial regulation in the six jurisdictions. An unamed UK official was quoted as saying “(w)e are encouraged to see that [the report] shows substantial compliance with international standards in some areas”. However, the same official said “equally there are shortcomings that are published for all to see.”...[more]