23 January 2007
Proposals to ease the regulatory burden imposed on employers by
money-laundering controls will be announced by the government, as
it sets out rules to implement new European laws.
The draft rules will stress that employers do not have to ask
staff for proof of identity before allowing them to join a pension
scheme. Other regulatory concessions for areas deemed low risk
include a waiver of the requirement for banks and building
societies to see utility bills or other proof of identity before
opening a child trust fund account.
A Treasury official said: "The trust fund voucher will be
sufficient. It's common sense - why would anyone want to open an
account for someone else's child?"
