NCJ Number
183843
Journal
Journal of Financial Crime Volume: 7 Issue: 4 Dated: April 2000 Pages: 304-307
Editor(s)
Barry A. K. Rider
Date Published
2000
Length
4 pages
Annotation
The director of England's Serious Fraud Office discussed economic crime relative to the banking industry, financial institutions, and money laundering in her keynote address at the 17th International Cambridge Symposium on Economic Crime.
Abstract
The keynote speaker notes that banking secrecy is an essential and legitimate commercial tool for lawful business transactions but that it also facilitates fraud by individuals who want to divert funds and hide them from authorities. She considers banking arrangements and practices in various parts of the world and notes the prevalence of e-commerce and electronic bank transfers and the associated opportunities for criminals. In addition, the speaker indicates that secrecy surrounding bank transactions constitutes a threat to the reputation of the United Kingdom as an honest business market. She describes procedures followed by money launderers, emphasizes the importance of instituting standard procedures for reporting suspicious transactions, and describes powers of the Serious Fraud Office. The role of law enforcement in meeting the challenge of international crime and fraud is addressed.