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24 Feb 2021

Peter Binning and Peter Bowles write for MLB on the importance of tackling financial crime

Partner Peter Binning and Trainee Solicitor Peter Bowles have written for Money Laundering Bulletin on the importance of the UK tackling financial crime to push effectively out of the pandemic.

“With the aggregate cost of fraud potentially reaching figures as high as UK£190 billion, or 10% of UK GDP, year on year, this is a threat on a scale greater than the current cost of Covid-19… Fraud and money laundering are intrinsically linked issues. An effective anti-money laundering (AML) regime should operate to achieve three key goals: reducing incentives for committing the underlying criminal offences by making profits unusable to offenders; deterring foreign criminals from using their ill-gotten gains in the jurisdiction; and producing intelligence and evidence upon which criminal prosecutions an be brought or other disruptive action taken,” they write.

To read the article in full, please click here.

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