The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

JMLIT: UK dirty money plan stirs ‘policy capture’ debate

Banks avoid new criminal law, as government relies more on public-private model to fight money laundering.

Money launder_780

Across Europe, it is becoming the consensus that the best way to tackle money laundering is closer cooperation between states, and between authorities and the banks. Supranational bodies such as Europol and the Financial Action Task Force (FATF) – the international standard-setter for anti-money laundering – as well as trade bodies like the European Banking Federation, all hold up the benefits of public-private partnerships to counter financial crime.

So far, the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT) – where law enforcement agencies regularly convene with banks to share information, set up in 2016 – has gained international approval from the likes of FATF, especially for the way it improves some of the banks’ reports of suspicious activity. Now, more countries are considering following suit, notably in Scandinavia, after a recent slew of money-laundering scandals involving Nordic banks.

According to British home secretary Sajid Javid and chancellor of the exchequer Philip Hammond, JMLIT “demonstrates what a successful public-private partnership can achieve”. And as JMLIT has directly contributed to the seizure or restraint of more than £34 million in illicit funds, their new economic crime plan (released in mid July) envisages similar partnerships with other sectors, such as telecoms companies and social media.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree