Financial Crime – raising the bar
When considering activities such as fraud, laundering the proceeds of people-trafficking and other crimes, illegally dealing with sanctioned companies or individuals, bribery and corruption, or the financing of terrorism – financial crime is far from being a victimless practice. What’s more, the true annual cost of financial crime is, by its nature, something that is notoriously difficult to define, but it is estimated to cost businesses and taxpayers billions of pounds each year. The International Monetary Fund has estimated the scale of global money laundering to be the equivalent of 2 to 5 per cent of worldwide Gross Domestic Product.
A key challenge for financial institutions is that different areas of financial crime are managed by different regulatory regimes with varying requirements, with a split between risk based and zero tolerance approaches. The big question for the UK financial services industry is should financial institutions be working more closely together to address financial crime?
To view our current thinking on this subject matter please view our latest point of view Financial crime – raising the bar (PDF, 95 KB)