Anti money laundering compliance procedures have become more of an exercise in box ticking than a concerted effort to prevent criminal activity, according to Professor Jackie Harvey of Newcastle Business School, Northumbria University.
The first money laundering guidance notes were introduced in the early 1990s and marked the start of a painstakingly slow process. Up to and including the 2007 money laundering regulations we have seen some 15 changes to the money laundering regulatory framework.
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