24 February 2021
Peter Binning and Peter Bowles write for MLB on the importance of tackling financial crime
“With the aggregate cost of fraud potentially reaching figures as high as UK£190 billion, or 10% of UK GDP, year on year, this is a threat on a scale greater than the current cost of Covid-19… Fraud and money laundering are intrinsically linked issues. An effective anti-money laundering (AML) regime should operate to achieve three key goals: reducing incentives for committing the underlying criminal offences by making profits unusable to offenders; deterring foreign criminals from using their ill-gotten gains in the jurisdiction; and producing intelligence and evidence upon which criminal prosecutions an be brought or other disruptive action taken,” they write.
To read the article in full, please click here.