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Anti-money laundering & Banks: more cooperation and resources to intelligence and police.

111image512120812_780x439Dan Marsden is the head of Web Development at Universal Media, and contributor at lawyer-monthly.com

He interviewed Gert Demmink (Partner at Philip Sidney) on how  to Stop Money Laundering Funding Terrorism.  Gert Demmink´s  idea is to allocate more resources to intelligence, police and CPS (Crown Prosecution Service) , and have them work closer together with FIU’s and internal bank AML (Anti-money laundering units) or MLRO’s

His suggestion: do away with current practices and the fixation on auditable processes, focus on outcomes and results instead. We speak with Gert on the notion of giving banks specific classes of licences for specific transactions and levying a transaction tax on banks. Read article here