Money laundering law news 18/02/2009 Trader suspected of money laundering offences was under a directorship ban

A foreign exchange trader arrested in an investigation into possible money laundering offences, named as Terry Freeman, has been barred from holding directorships under a previous name, according to the Financial Times.

The Essex man, whose company GFX folded recently, is also suspected of offences under the Financial Services and Markets Act, and is alleged to have been running a £40million Ponzi fund. Neither Freeman nor the Financial Services Authority (FSA) has chosen to comment on the investigation into breaches of money laundering law.

Under a previous name, Terry Sparks, the 60-year-old was banned from acting as a company director for fifteen years, the longest possible order that the FSA can issue. The reason for the ban has not yet been revealed.

A spokesman for the corporate intelligence firm that uncovered this previous ban said that this revealed serious gaps in financial regulation, particularly where people changed their names. However, Detective Chief Superintendent Steve Head, from the City of London police, recognised tightened regulation procedures as one of the rare positive effects of the economic climate, alongside a general increase in reports of financial crime, fraud and money laundering offences to the force during the recession.

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