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09 June 2017 / Claire Shaw
Issue: 7749 / Categories: Features , Fraud , Bribery , Criminal
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Cracking corruption

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Clamping down on high-end money laundering should be top of the enforcement agenda, says Claire Shaw

  • Better co-ordination & information sharing will feed into a more informed enforcement picture in the future.

The dearth of UK prosecutions for money laundering offences has been widely discussed in recent times, both in government circles and in the media. However, the sheer scale of the perceived problem has only more recently come to light—highlighted by Transparency International, as well as several international consulting firms. PwC’s Anti Money Laundering: Global Economic Crime Survey 2016 quotes an estimated 2% to 5%, or US$1–2 trillion annually as being global money laundering transactions, but the UN estimates that only 1% of those cashflows are seized by the authorities worldwide. So it seems the UK is not alone in having a low recovery rate.

First, however, a note of optimism. It has to be said that the law enforcement response to the lower (in value per transaction) ‘cash end’ of money laundering has been relatively good. The National Crime Agency

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MOVERS & SHAKERS

Walkers—Muriel Marseille

Walkers—Muriel Marseille

Ashurst's Chief Risk Officer joins Walkers

Excello Law—John Osborne

Excello Law—John Osborne

Northern family lawyer John Osborne joins Excello

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

mfg Solicitors—Rebecca Rogers, Kennedy Langley & Victoria Griffiths

Trio of promotions announced at Kidderminster law firm mfg Solicitors

NEWS
A sole director can conspire with their own company for the purposes of the tort of unlawful means conspiracy, the High Court has ruled in a judgment with potentially wide implications for business disputes
The Court of Appeal has reinforced that domicile depends on intention rather than residence alone, in a significant post-Brexit ruling on cross-border financial remedy claims
The Chancery Division's long history comes to an end this autumn as it is reborn as the Business and Property Division, prompting questions over whether the shake-up is really necessary
The Financial Conduct Authority (FCA) continues to show that failing to disclose regulatory issues can attract harsher consequences than the original misconduct itself
Rejecting a generous settlement can prove an expensive mistake, as two recent high-profile cases demonstrate
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