You don’t need me to tell you that the cost-benefit equation of counter-money laundering laws and regulations is tipped way too far in the wrong direction, nor that the laws and regulations we have are onerous and infective, that the original plan, that ordinary people would watch out for dodgy activity and report it has been lost under a weight of bureaucracy.
You don’t need me to tell you that because you already know it.
The thing is, it’s a far from new problem. And supranational bodies, trade associations, legislators and regulators are hounding an already exhausted fox into a hole where the bites will cause irreparable harm, if they have not already done so.
Monday, 20 January, 2020 – 01:15
It’s the everyday challenge for the financial crime risk officer.
There is something he’s not satisfied with but he can’t prove it – it’s his experience, what some call his “gut reaction” that says “this doesn’t stack up. We shouldn’t do this business.”
But there are reasons why the business should be done.
There is a fundamental imbalance and, incredibly, a fundamental irony.
Friday, 18 September, 2020 – 06:09
Before almost every FATF meeting in the recent past there have been comments that Pakistan will be removed from the “Grey List”. We’ve heard about legal and regulatory changes to make that happen.