There is a strong determination by the OECD, the Financial Action Task Force, the US Government and the European Union to disrupt the financial manipulations of organised crime syndicates, major fraud operators and terrorist groups. This has led to the strengthening of legislation and regulations in most countries, and the consequential requirement for financial institutions to update their existing compliance programmes in all the jurisdictions in which they operate. This requirement has now been extended to include lawyers, accountants, real estate agents and others dealing in high value transactions.

The consequences of inadvertent, careless or negligent involvement by a previously reputable business in money laundering activities or through failure to observe the various Sanctions regimes can be extremely serious. These vary depending on the jurisdiction but generally include criminal prosecution with the possibility of imprisonment or a heavy fine, and regulatory sanctions which may lead to the loss of a licence. Furthermore, the reputational damage to a business or professional person could be severe.

Experienced Compliance and Money Laundering Reporting Officers in financial institutions who are regularly updating their compliance procedures, may feel the need for some support from knowledgeable specialists with a detailed understanding of the dynamics of money laundering world-wide and how products and services can be abused. Those in the newly regulated businesses who have been appointed to design and introduce a compliance programme for the first time could well benefit from the assistance of experts with an intimate knowledge and practical comprehension of the legal and regulatory obligations for compliance with the legislation.

Risk Analysis works closely in partnership with leading consultants that offer a wide range of risk management and compliance services including anti-money laundering compliance support and training for anti-money laundering and sanctions monitoring programmes. They offer strategic advice to provide their clients with the knowledge, understanding and experienced resources necessary to meet their legal and regulatory obligations in the most cost efficient way.