Efforts to scrutinize potential money laundering in Britain are hitting some last-minute lumps in the road. The Bank of England and Financial Services Bill has been making its way through parliament since October last year and is now in the so-called “ping-pong” stage of trade-offs and amendments between the House of Commons and House of Lords before it becomes law.
One part of the bill tackles the extent to which politicians and those around them are watched for signs of anything untoward. But political resistance to this idea is throwing up a genuine risk. Former U.S. President Ronald Reagan once said the most terrifying words in the English language were, “I’m from the government, and I’m here to help.” This described the subtle miscalculations, unintended consequences and ironies that follow from political actions. Of course, the ironies become starker when politicians appear to be “helping” themselves.
