The article discusses the expansion of modern anti-money laundering legislation beyond drug trafficking and terrorism, encompassing all types of crimes, including fiscal offences. It highlights the challenges faced by institutions in identifying suspicious transactions and the potential liability they may face as constructive trustees.
Marcus Killick explores the concept of money laundering, its purpose, and its impact on financial institutions worldwide. Money laundering is cited as the biggest issue faced by financial institutions, with estimates of annual laundering then ranging from £200 to £325 billion.
The article also raises concerns about the effectiveness of legislation and international cooperation due to the inequitable distribution of wealth globally.
Read the article: Living with Modern Anti-Money Laundering Legislation
(Article first published in Offshore Investment Magazine, November 1996.)
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