20041007 In Hot Pursuit of Terrorist Funds

About Nigel Morris-Cotterill

Nigel Morris-Cotterill is an internationally renowned counter-money laundering strategist.

Nigel is an English solicitor with almost a quarter of a century’s experience in tracing proceeds of fraud and other crimes. Working with financial institutions and commercial concerns, he has worked on large scale recoveries and international actions.

In doing so, he has been able to identity weaknesses in organisations which have led to opportunities for money launderers.

In 1994 Nigel left full time practice to concentrate on developing counter-money laundering strategies for financial institutions. He has worked with many leading banks, central banks and other financial institutions around the world, providing both consultancy and high level training. He has commented on draft laws and regulations and he has worked with enforcement agencies in both recoveries and in relation to identifying failures in best practice in financial institutions. He is often commissioned by national banking institutes to run counter-money laundering training programmes.

Nigel is author of “How not to be a money launderer – the prevention of fraud and money laundering in your organisation” and of the forthcoming “Counter-Money Laundering Laws of South East Asia” (Sweet and Maxwell). He is author of countless articles and papers on money laundering including the use and abuse of the internet in fraud and money laundering. He is a frequent contributor to professional journals such as The Banker and mainstream press such as The Times. He is a regular contributor to broadcast media such as BBC and CNBC. Nigel has been interviewed by the Malaysian press and broadcast organisations on a number of occasions.

Nigel heads The Anti Money Laundering Network, a group of companies providing e-learning, risk assessment software, publications and consultancy and training world-wide. He is now based in Kuala Lumpur where a local company, AML Net Sdn Bhd is an MSC status company to develop technologies to aid banks and others counter money laundering and terrorist financing.

Why “counter-money laundering” not “anti money laundering?”

Because it is impossible to prevent money laundering. Taking steps to prevent money laundering is an objective which cannot be achieved. Given that money laundering will happen, Nigel recognises that we are all engaged in risk management not risk prevention.

It is many years since Nigel began to explain to bankers and others that there are no solutions to money laundering: only better managed risk. Some consultants and software vendors persist in using the term “solutions.” Nigel emphasises that anyone who claims to have a “solution” is misleading themselves and their clients.

For the past ten years, Nigel’s courses have all been about Risk Assessment and Risk Management. Recently, that approach has been adopted by the Bank of International Settlements (and therefore regulators world-wide) and by the Financial Action Task Force.

Nigel’s courses are intended to make people think. He emphasises that there are no prescriptive remedies, no check lists that will make it possible to detect and deter all money laundering. At the end of his courses, delegates know that countering money laundering is about attitude more than about compliance.

Nigel emphasises that compliance is an objective in itself but of itself, it will not detect and deter money laundering. If the organisation is serious in its intention to detect and deter money laundering, it requires systemic change and continuous awareness of risk and how to identify, manage and deal with it.

In consultancy, Nigel works with businesses to design systems to protect the organisation and to implement systems that are compliant with both domestic and international demands but are designed to permit “business as usual.” Nigel has for many years been at the forefront of explaining to legislators and regulators that restrictive legislation and regulation may increase the tendency of those affected by it to find ways to avoid or evade controls.

Nigel advocates systems and controls that are user friendly but which provide severe sanctions for those that step outside acceptable behaviour. And he believes that auditing those systems is a quasi-legal not a quasi-accounting function.

Nigel is frequently invited to speak at and chair conferences all over the world. He is highly regarded by the international media for which he is frequently being quoted in the international media, for example BBC, CNBC and many others.

To find out more visit www.antimoneylaundering.net, www.countermoneylaundering.com or enter “nigel morris-cotterill into google.com

Morris-Cotterill is author of several books including How not to be a money launderer