Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Expert spies a hole in the law: criminals will easily find a way round the regulations.

Document Cited in Related
Vincent
AuthorBerens, Camilla
PositionMoney-Laundering

The latest government regulations to tackle money-laundering will have only a limited impact on criminal activity, a leading fraud investigator has warned.

Yehudah Barlev, director of Barlev Investigative Auditing, believes that the new law is shortsighted and could end up hitting legitimate businesses harder than the criminals it is supposed to be targeting. The Israeli investigator, who has beaded his own fraud detection and prevention agency for the past 15 years, has come to this conclusion after studying the legislation with his UK partners.

Barley claims that the raft of measures that takes effect this month will combat only "past methods" of money-laundering, such as the use of offshore accounts and false identities.

"The new legislation might reduce money-laundering activity in the short term, but criminal minds will always find ways around legal obstacles," he told Financial Management.

Barlev, a former senior investigator with the Israeli police's national fraud investigations division and president of the Israeli branch of the Association of Certified Fraud Examiners, believes that newer techniques such as the international use of cash-dispensing machines are already bypassing monitoring methods.

"Al-Qaeda used this method before its attacks on New York and it's the kind of activity that's going to happen more in the future," he said.

High-risk businesses will have to spend...

To continue reading

Request your trial
COPYRIGHT TV Trade Media, Inc.
COPYRIGHT GALE, Cengage Learning. All rights reserved.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT