Author: Nigel Page
With money-laundering now accounting for between 2% and 5% of the world’s GDP (according to the IMF), the pressure on banks and their advisers to prevent criminal misuse of the global financial system has been increasing. Since September 11, however, there has been a substantial escalation in the drive to cut off terrorist funding. The result, for financial institutions worldwide, is an environment where compliance has become an urgent concern. Lax controls can create significant risk to reputation.
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