FSA hosts meeting to discuss follow-up to events in US

The purpose of the meeting is to clarify the responsibilities and obligations of the industry and the authorities under anti-terrorism, sanctions and money laundering legislation and to explain how financial services firms can help government and law enforcement agencies.

Carol Sergeant, Managing Director of Regulatory Processes and Risk at the FSA, said:

Following the tragic events on 11 September there has been considerable interest in the role the financial system can play in detecting and inhibiting financial transactions associated with terrorism, as well as how information might be gleaned from the financial system to help track down the perpetrators, their backers and supporters.

It is very clear from our contacts that the firms we regulate want to play their part as fully as they can. Moreover, it is also clear that the campaign against terrorism and financial crime more generally will need to be rigorous and sustained. With that in mind, I hope this meeting will be useful in enhancing understanding in the financial services industry of the roles of the relevant authorities and the contribution the UK financial sector can make to the fight against terrorism.

The speakers at the meeting today, chaired by Carol Sergeant, are Ceri Smith from HM Treasury; Merlyn Lowther, Chief Cashier, and David Parr, Head of Sanctions Unit, from the Bank of England; Vince Harvey and Martin Comley from the National Criminal Intelligence Service and representatives from the Metropolitian Police. The sessions include presentations on the roles of the respective organisations and the chance for attendees to question them in more detail about both money laundering and anti-terrorist law and responsibilities.

Notes for editors

1. The meeting is being held today between 2.00-4.30pm at the Financial Services Authority in Canary Wharf.

2. Attendees from the financial services industry include representatives from the trade associations for banks, asset managers, insurance companies, independent advisers and professional firms. It also included the Chief Executives of some large financial institutions. In total there were 74 attendees.

3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.