Financial Crime: Who Is Winning? Banks, Bad Actors, or Enforcement Authorities
November 17, 2020
I read “Only 1% of Laundered Cash in EU Is Detected — ABN AMRO Wants to Improve That.” The article reports:
Detecting money laundering is like mixing the perfect cocktail.
And how many outstanding mixologists in addition to a high profile outfit like a certain bank in Hong Kong or a top dog in Manhattan are there in the financial crime enforcement units around the world? If the data in the write up are accurate, not too many.
The article points out:
Globally, estimates suggest between $800 billion and $2 trillion in laundered money flows through the financial system every year, and an overwhelming majority of it goes undetected. The Netherlands alone sees $16 billion in criminal money flowing through its financial system.
Then this item of information is provided:
…the European Commission found just 1% of an estimated $190 billion in laundered funds were successfully confiscated between 2010 and 2014.
What are the principal conduits for money transfers? Let’s see. Maybe banks? What is ABN AMRO? According to Wikipedia, the entity is — wait for it — a bank. Why does ABN AMRO, the number three bank in the Netherlands want to do better in this sphere of activity? Just a “good” bank I assume.
Stephen E Arnold, November 17, 2020
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