HISTORIC PRESS RELEASE : Public to help in fight against crime and terrorism – joint FSA, NCIS and HMT press notice [June 2003]

The press release issued by HM Treasury on 24 June 2003.

The government has today launched a nationwide campaign setting out how the public can help to tackle money laundering and the financing of terrorism.

The campaign sees the launch of information leaflets informing customers of the reasons why they need to prove their identity to financial services companies. Effective identification of customers using bank accounts and other financial services makes it harder for terrorists and other criminals to hide and move ‘dirty cash’.

This is an industry-wide initiative, supported and backed by HM Treasury, National Criminal Intelligence Service, Financial Services Authority and the financial services industry.

Announcing the campaign Paul Boateng, Chief Secretary to the Treasury, said:

“Customers should be in no doubt that when they are asked by financial companies to provide personal details it is done to make it as hard as possible for criminals and terrorists to abuse the system. ‘Dirty cash’ comes from crimes like theft, burglary and drug dealing and is used by terrorists to fund their atrocities. It is in the interests of every law abiding person to stop this ‘dirty cash’ being laundered ‘clean’.

“The Government is fully behind this campaign to widen awareness of why it’s so vital for people to provide personal details. These leaflets will help financial services customers understand the key role they can play in cracking down on this abuse and making Britain a safer place.”

Carol Sergeant, Managing Director of the Financial Services Authority, said:

“These leaflets are designed to explain to customers why they are asked to prove their identity by their financial services provider when buying a product or opening a new account. It is an important part of the government’s overall strategy to reduce crime.”

Peter Hampson, Director General of the National Criminal Intelligence Service, said:

“Top level criminals and terrorists are known to abuse the financial system for their own illegal ends. Asking customers to provide personal details is a vital element in the law enforcement clampdown against such persons.”

Ian Mullen, Chief Executive of the British Bankers’ Association and Chairman of the Joint Money Laundering Steering Group, said:

“We welcome this initiative to explain to the public why banks and other financial services providers need to ask their customers to prove their identity in order to help fight crime and terrorism.”