UK Chancellor exempts families of "Politically Exposed Persons" from money laundering scrutiny

George Osborne, the Tory chancellor of David Cameron's UK government, has amended the Bank of England and Financial Services Bill to exempt the families of "Politically Exposed Persons" — Members of Parliament and other elites — from money laundering investigations.

The amendment was introduced by Tory MP Charles Walker, who refuses to publish his tax return. He compared the mandatory publication of MPs' tax returns to a law that banned curtains.

UK's Osborne Exempts Members of Parliament, Other "Politically Exposed Persons" From Money Laundering Oversight [Yves Smith/Naked Capitalism]