Monday, 2 December 2019

EU needs to get a grip on financial rort

Tom Keatinge, the Director of the Royal United Service Institute's Centre for Financial Crime and Security Studies criticises the EU's processes for tackling economic crime. It is true that the EU moves slowly, but that is not the same as inaction. However, he has a point when he suggests that a critical  element besides supervision and enforcement is

intelligence. Importantly, as almost all of the EU’s money laundering scandals underline, this must include the sharing of intelligence between countries to combat the transnational nature of large-scale financial crime activity.

He believes that the UK is beginning to get things right with reforms led by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). However, financial crime like pollution does not stop at borders and it is important that the UK and the EU27 share intelligence in this area.

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