20200825 Busy Bees or Busy Work?

Financial Crime Broadcasting dot com blog casts It′s been a busy few weeks in financial crime. One has to wonder how much of it is pent-up action that people have found ways to do since the world began working from its back-bedroom or the kitchen table and how much of it is people trying to keep busy so they look as if they are achieving something when they haven′t found ways to perform their normal duties effectively.

Courts have been busy: around the world Justice Systems have found ways to bring more cases to trial or, at least, a conclusion and now the backlog is being cleared. Of course, those who think that doing deals with wrongdoers so they don′t record a criminal conviction is a good idea see an opportunity to expand this particular form of perverting the course of justice in which large sums are paid in order to avoid having a conviction recorded. So there is a rush of ″settlements,″ too.

But that′s not where we are seeing the bulk of what seems worryingly like ″busy work.″ Or in some cases, work that might have been done years ago if people weren′t so busy flying around the world holding meetings: their productivity seems to have been increased.

We have seen in the past six months an unprecedented deluge of notices and protocols from governments, supra-national inter-government bodies, self-appointed groups and the like. Many are deeply worrying on several levels, not the least of which is that, in one case, the Group promoting supposed good practice amongst others clearly has its own members who do not follow it. How do we know? Because their names are in case reports on a very regular basis, usually for very extensive failures.

Government agencies and quasi-autonomous national government organisations, such as financial sector regulators, are at fault, too.