Technological advances
Innovative technology has actually been part of the problem so far in that it has enabled the criminals to hide their actions and accelerate their activities.
Now it’s time to look at how we can turn the tables and make tech part of the solution. That said, once criminal activity is uncovered, who decides the next step?
Like it or not, a big legal business is out there protecting wealthy criminals from the proper repercussions.
Of course, banking and finance institutions must be relentless in their fight against money laundering, but they are one part of a much larger puzzle.
The legal system also has to change because it struggles to bring financial criminals to justice.
Then, maybe, compliance teams would be more confident about highlighting suspicious activity without facing a backlash.
Britain would become a far less attractive destination to pursue such activity if there is no protection and no place to hide.
David Pirrie is founder and chairman of the Industrial Thought Group
