FINANCIAL INSTITUTIONS IN THE DARK OVER COST EFFECTIVENESS OF ANTI-MONEYLAUNDERING CONTROLS
March 1st, 2009
BY ANDREW CAVE
IT is perhaps the ultimate irony in the anti-money laundering crusade. The industry, devoted as it is to the movement of cash and software algorithms that help track it, has no shortage of statistics detailing the numbers of suspicious transactions reported, illegal monies seized and criminals prosecuted. However, ask people in the industry for a detailed cost-benefit analysis of the financial returns from the millions of pounds ploughed into the efforts over recent years and what emerge instead are explanations of why their success or failure ...
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