Lawyers react after the launch of the UK's politically exposed persons review prompted the FCA to promise ‘prompt action'. Matthew Russell Partner in the Risk Advisory practice at Ashurst, said: "Unfortunately the treatment of domestic PEPs illustrates how the current AML requirements can resemble a hammer as opposed to scalpel in terms of their implementation: an important tool in the prevention and detection of the proceeds of bribery and corruption within the UK financial system has often been applied bluntly, resulting in the current exercise. "However, it would be disappointing...
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