The UK’s plans to reform the register of company information to clamp down on fraud and money laundering following the release of the FinCen files will go some way towards strengthening controls but a further tightening of the regulatory environment must follow,  a director at tax and advisory firm Blick Rothenberg has said.

Sunil Bhavnani, a director at Blick Rothenberg said the revelations regarding the reports made by certain banks such as HSBC and Standard Chartered “could not have come at a worse time for the UK and the economy.”

The FinCEN files showed that over 3000 UK companies were cited on the suspi...