Enforcement powers with ‘teeth’ needed to tackle anti-money laundering
John Smart, Head of EYs UK Fraud Investigations and Disputes team, comments on todays anti-corruption speech by David Cameron in Singapore:
“One of the biggest challenges in the fight against corruption and anti-money laundering is to show that it has a real and significant impact on people’s lives. All too often, it is seen as something remote, which happens in other countries, rather than being a domestic issue. Today’s speech sends a powerful reminder that the effects of global corruption can be felt here in the UK, whether it’s through inflating house prices or through funding other forms of crime.
“Corruption needs to be tackled across a number of fronts, and not just through money laundering via the property market. The UK published an anti-corruption plan at the end of last year, but so far there have been few tangible outcomes around the 66 action points. If the UK is to truly get to grips with these issues, there needs to be sustained activity to implement the measures outlined in the anti-corruption plan.
“Legal powers can only go so far. There also needs to be proper enforcement with the teeth to ensure the Government’s ambitions are being followed through.”
