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Another Money Laundering Prosecution
The news that Dominic Thorncroft, a former Association of UK Payment Institutions executive, has been convicted of AML breaches, will help focus minds upon AML compliance. AML is not optional, so such prosecutions will now make others see that they too will be discovered and then pursued.
Whether payments business executives thwart the law knowingly or naively, it seems that they cannot expect to be exempt from identification and prosecution even when it takes time to do so.
But the legal process must be conducted more aggressively. It is not fair on the victims that the processes of identification and prosecution should take five years in the above case; nor is it fair on any of us, even the guilty people, that prosecutions should take so long.
The industry, the regulators, law enforcement and judiciary must all 'get smarter' to find those that are guilty, which will start to deter 'more of the others' that still operate illegally.
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Kevin Smith and Bill Trueman are directors at Riskskill [www.riskskill.com]