DIRTY MONEY FLOWS EAST AS WEST TIGHTENS ITS AML SYSTEMS
September 1st, 2011
BY PAUL COCHRANE
THE WESTERN financial system is undergoing profound change, of weakened trust in the sector, heightened tax regulations, pressure to curb banking secrecy and tougher regulatory compliance. As a result, the owners of legal and extra-legal capital who are looking for a safe haven for their money are starting to consider destinations outside the established offshore jurisdictions - the less regulated financial centres of the Middle East and Asia. And while we have not yet reached a tipping point where capital flows are not overwhelmingly destined ...
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