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In one sequence of the excellent BBC series The Gold, a character explains how the proceeds of the stolen Brinks Mat bullion is laundered through the banking system, depositing up to £400,000 cash per day in a Bristol branch of Barclays Bank, disguised as the profits of a local gold merchant.
“If this country had proper banking laws,” the character quips, “and a bank saw a company suddenly making tonnes of money, they might tell someone. But we don’t, so they won’t.”
What strikes me most is how relatively recently this held true. The heist took place in 1983, but you’d be forgiven for thinking it was far earlier. It just goes to show how far UK regulation and compliance has progressed in a short space of time.
Little wonder when events like UK Finance’s Economic Crime Congress at the Brewery, London on 30 March attract a capacity crowd comprising the who’s who of financial crime prevention from organisations including the House of Lords, Home Office, HM Treasury, National Crime Agency and others.
It's quite rare to come away from an event with quite so much positivity – an almost overwhelming sense that we’re on the right track as an industry. Yes, there’s still much to do, but what’s most encouraging is the wealth of practical actions surfaced from just one day’s discussion. As I journeyed home, I noted some of them:
Dramas like The Gold perfectly demonstrate the challenge: criminals operate in highly organised groups, with an established hierarchy, well-rehearsed plans and far-reaching networks. To gain the upper hand, we need to think and act with similar determination and cooperation.
The opinions expressed here are those of the authors. They do not necessarily reflect the views or positions of UK Finance or its members.
14.04.23
Steve Elliot, Managing Director, LexisNexis Risk Solutions UK & Ireland
24.04.23
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