Call for global cooperation over money laundering rules

There should be more international cooperation on money laundering rules to stop banking services being withdrawn from emerging economies, according to the UK’s most senior banking regulator.

Andrew Bailey, chief executive of the Prudential Regulation Authority, told a House of Lords committee that there was a “serious international coordination problem” over rules on what constitutes money laundering.

“We are seeing clear evidence of parts of the world being cut off from the mainstream banking system because of the concerns of the banks of the consequences of the actions that will be taken if they are put under question,” said Bailey, who is also a deputy governor of the Bank of England.

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