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May 13 2016

Government’s plans to extend ‘failure to prevent’ corporate offence commented on by Dean Curtis

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Dean Curtis, UK Managing Director at LexisNexis® Risk Solutions comments on the Government’s plans to extend the ‘failure to prevent’ corporate offence from bribery to other forms of economic crime following an anti-fraud summit hosted by David Cameron this week:

“Multi-million dollar fines for failing to detect money laundering operations are just the tip of the iceberg for banks when it comes to anti-money laundering (AML). In recent years, AML regulations have placed immense operational pressure on banks when fighting financial crime. According to our Future Financial Crime Risks Report, some of Britain’s major banks are spending as much as $1bn each year on AML compliance.

“British banks are already positioned at the front line in the battle against financial crime. There are however, genuine fears sweeping the industry what impact spiraling AML costs will have on business models against the true effectiveness of such investment. In order to sustainably fight financial crime, there is a need for greater collaboration between banks, law enforcement and government bodies. As such, recent plans to establish new laws to force suspected money launderers to declare their wealth by imposing Unexplained Wealth Orders (UWOs), is a step in the right direction.

“In addition, there is an urgent need to implement ultimate beneficial ownership (UBO) across the world, whereby individuals who ultimately own a corporate entity, property or control customer transactions are identified and closely monitored. The creation of central registries by country will help to considerably enhance international transparency.”

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