In 2016, Britain adopted aggressive measures to combat dirty money — the kind of tough-nosed approach Commissioner Austin Cullen is being urged to recommend.
U.K. businesses such as banks and financial institutions, lawyers, tax advisers, casinos, estate agents and art dealers all must now report on their activities under a strict compliance regime.
It is costly, onerous and far-reaching — asking them to reveal customer relationships, verify identities, monitor transactions, establish staff-training programs and a record-keeping process.
The subsequent lack of U.K. prosecutions may be evidence the criminal law is not the way to address financial crime — that it is quicker, easier, less expensive and more effective to pursue a civil remedy.
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