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Britain’s financial regulator said on Friday, August 2, 2024, it has expanded the scope of dormant assets, or money held in accounts at financial institutions, to invest an additional 880 million pounds ($1.12 billion) to finance social and environmental projects in the cash-strapped economy.
Dormant funds are those in banks and bank accounts that have not changed hands for at least 15 years and for which tracing of the owners has failed.
Financial institutions can transfer cash to an authorized redemption fund for distribution, but have the right to claim the money if the owner is found.
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