BAE Systems lifts the lid on how dirty money moves
19 October 2016 | 2610 views | 0
Source: BAE Systems
BAE Systems’ new report discusses how laundered money now represents between two and five per cent of the global Gross Domestic Product - equivalent to the fifth largest economy in the world.
Money laundering funds criminal activity and is growing and evolving at a faster pace than many organisations can detect and prevent.
The report, titled How Dirty Money Moves: What you can do to fight the latest evolution of money laundering, serves to provide an analysis and benchmark of the current critical situation. It also proposes remedies and suggests how all those involved in the fight against money laundering can work together towards a positive outcome.
To launch the report, BAE Systems is joined in London this week by Robert Mazur. Robert is one of the world’s leading authorities on money laundering techniques and a former U.S. Federal Agent, he will help shed light on the issue and talk about his view on the future of anti-money laundering (AML).
Speaking at the BAE Systems Business Defence forum in London Robert Mazur said:
“I feel a sense that within the AML, law enforcement and regulatory world individual accountability and responsibility is on its way to becoming a priority. This has been, in my opinion, missing in too many strategies that have addressed banks that have admitted criminal offences in connection with the movement of illicit funds.”
George Robbins, VP EMEA, Commercial Solutions at BAE Systems Applied Intelligence, said:
“We are currently living in an extremely uncertain socio-political situation. We can no longer predict the future evolution of financial regulation and compliance and, as a result, cybercrime and money laundering are growing at a rapid pace.
“Criminals are diversifying their tactics through peer-to-peer lending, casino gambling, real estate, fake invoicing - the list goes on. In doing so they can spread their risk and avoid the area under most scrutiny: banks. It’s time for the other ‘gatekeepers’ to the financial industry to start to combat these fraudsters too.”