Tom Kirchmaier: The Anti-Money Laundering Process is Broken
Tom Kirchmaier has written a feature about why the Anti-Money Laundering process, in his opinion, is broken and in urgent need of reform. It follows, that the responsibility for money laundry supervision should move to the supervisory bodies.
We will need very different approaches to the various categories of money laundering, with organised crime related activities, and the proceeds from states with weak functioning institutions being the most pressing ones. There is inconsistency between costs and profits in society, which is why it is necessary to reconsider our approach and adapt to the new technological possibilities.
These are among the messages that Professor Tom Kirchmaier, expert in Banks and Policing and Crimes including Anti-Money Laundering, brings in a feature in Finans.dk on March 31, 2019.