20170808 Nigel’s August 2017 Newsletter

There is a danger that in small countries, financial institutions trying to come to terms with compliance and risk management costs, already stretched because of small numbers of customers spread over large geographical and complex topographical areas, will be driven into being taken over by larger, foreign, institutions. Worse, what happens if a bank in a small country has a major shareholder, and administrative cooperation with, a foreign bank that finds itself subject to major investigation? We probably don’t have long to wait before we find out something about that risk.

We have a couple of stories close to home. Some people I know well have recently been conned in internet scams. One involving a supposedly reputable dealer in classic watches in New York involving major banks and one involving a sale on a mainland Chinese website where payments were made via leading mobile payments providers, and no one is willing to help. We’ll name the parties in the stories when we publish them at World Money Laundering Report. (www.worldmoneylaunderingreport.com)

But we work to live, not live to work, right? It’s a lesson I impress on everyone, using myself and my decades of being a workaholic to prove why they should not emulate me. Belatedly, I’ve started turning down things that are just drudgery and having a lot more fun outside work.