Privacy fears slow spread of UK-style data-sharing to combat money laundering
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Privacy fears slow spread of UK-style data-sharing to combat money laundering

Legal hurdles await race for European equivalents to UK AML partnership between banks and police.

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European banks are ramping up spending on the fight against financial crime, after a wave of money-laundering scandals on the continent.

However, industry insiders betray little optimism about the impact it will have on crime, let alone on banks’ reputations.

Rob Wainwright, a former head of Europol now working at Deloitte, gives a typical assessment: “Banks are spending more and more on anti-money laundering (AML) staff and technology over the past 10 years, but the problem of financial crime in the system as a whole is arguably not getting any better.”

A public-private partnership developed in the UK during the past three years is a rare point of enthusiasm. Some see it as a model for other European countries.




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