Research Handbooks in Financial Law series
Edited by Barry Rider
Chapter 41: The management of information in the context of suspected money laundering cases
With the almost daily diet of news of failed banks, rigging of rates, tax evasion and complicity in money laundering the challenge for banks and financial institutions the world over is becoming starkly clear. As Sarah Dahlgren, head of the Financial Institution Supervision Group in the US, said recently, “We may be at a low point of confidence and trust between the public and the financial sector.” The combating of financial crime continues to occupy a high political profile, particularly in the wake of the economic crisis of the last few years and given the risks to the integrity of our financial systems. In this sense the banks and other financial institutions remain at the very centre of this fight against the twin evils of money laundering and terrorist financing – to which one can now add compliance with international sanctions. Although the crusade against financial crime is an ever moving target, requiring ever more resources and refocusing on the part of banks and others, a good deal of progress has been made by both the banks and also those who enforce the laws and regulate the industry. Despite the increased role of governments, law enforcement agencies and even civil society, the pressure remains largely on the banks, in an increasingly global and complex market, to retain the clearest perspective on the risks posed by their commercial activities.
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