Tighter trade finance rules could hit exports, say banks
Monday 14 October 2013
New rules on trade finance could seriously
hit the ability of small and medium-sized firms in the UK to export, the British
Bankers Association has warned.
Responding to the consultation by City regulator the Financial Conduct Authority on what it considers good and bad practices in trade finance, the banks’ lobby group said its plans “could conflict with wider UK Government priorities around international trade and the competitiveness of our member banks.”
The FCA’s review of trade finance found that banks were generally sound when it came to not dealing with people, firms or countries where official sanctions had been imposed but less sound when it came to anti-money laundering and deals on “dual use goods” which have both civil and miltary applications.
Writing to the FCA, the BBA’s director for financial crime Matt Allen said: “The level of regulatory expectations for financial crime controls for trade finance appears to be set at such a high level that this would call into question the viability of some trade finance business conducted by BBA members, particularly in relation to smaller corporate and SME relationships.”
He warned that a too-rigid approach “may actually provide new opportunities for financial criminals” and urged the FCA to delay a final decision and hold further talks.
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General Election 2015: Sturgeon claims Scots 'appalled' by Ed Miliband's refusal to work with SNP
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...