Mark Yeandle, Professor Michael Mainelli, Adrian Berendt, and Brian Healy
City Research Series, Corporation of London, Institute of Chartered Accountants in England and Wales, ICAEW, 71 Pages.
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Today sees the release of a new report which gives a fascinating insight into the fight against Money Laundering. Commissioned jointly by the Corporation of London and the Institute of Chartered Accountants in England & Wales, and carried out by Z/Yen Limited, the main findings are:
The effectiveness of the efforts against money-laundering can be enhanced by closing regulatory and communication gaps. Areas of communications which, if improved, could yield significant results in terms of practicality and effectiveness include:
Mark Yeandle of Z/Yen Limited commented:
"Greater effectiveness of the anti-money laundering regulations must be the main objective. If you improve effectiveness, prosecutions and asset seizures will become more frequent and can be made more visible. High profile prosecutions will deter money laundering and if this happens then I believe that anti-money laundering costs will be seen as less of a burden and a more acceptable price of doing business in a modern, civilised society".