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Existing laws fail to provide tools to combat global financial crime.

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Vincent
PositionMONEY LAUNDERING

Experts are warning that significant hurdles must be overcome before a real impact can be made on reducing serious financial crime and money laundering around the world. Despite the introduction of the Proceeds of Crime Act 2002 and the recent tightening of money laundering regulations, fraud detection agencies are still struggling to stem the tide of organised crime, delegates at a seminar in London were told recently.

Professor Barry Ryder, a lawyer who is also a special adviser to the House of Commons, said funds seized from criminal activity are currently being dwarfed by the costs of corporate compliance. Around 7m [pounds sterling] of funds are frozen annually in the UK, but compliance is estimated to be costing companies about 850m [pounds sterling]. "I doubt that on any cost benefit analysis, the current level of regulation is efficient," he said.

Ryder went on to explain that the difficulty of linking cash to specific criminal activities means that some agencies are shifting the focus from seizure to "disruption", which involves making efforts to interrupt the flow of...

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