Putting the crooks out of business! The financial war on organised crime and terror

Abstract

Focuses on the work of the Serious Fraud Office (SFO) over the last 15 years in investigating and prosecuting major fraud; the author is its Director, and the SFO supports the Financial Services Authority in enforcing the Money Laundering Regulations 1993. Shows how prevention of money laundering depends firstly on banks and financial institutions, and increasingly also on lawyers and accountants, plus those dealing with high value goods like bonds, art and antiques; banking secrecy is outdated. Outlines legislation, notably the Proceeds of Crime Act 2002 and its new provisions relating to money laundering and suspicious activity reporting, plus the SFO’s perspective on these. Moves on to the Financial Action Task Force, the new Asset Recovery Agency, legal developments, problems of enforcement in the age of the Internet, and the need for more international cooperation.