Author: Nicola Sharp 27 October 2020
With research showing that many regulated firms are not meeting their obligations under the Fifth Money Laundering Directive (5MLD), Rahman Ravelli’s Nicola Sharp examined the problem in an article.
5MLD came into force back in January. But Nicola argues that the current situation may go beyond regulated firms being unwilling or unable to tackle money laundering. She points to confusion surrounding the Directive itself; with many financial professionals unsure what the intention was when 5MLD was introduced.
Nicola also highlights problems caused by the European Union (EU) leaving it to decentralised national authorities to contend with what is an international problem. This has led to differing approaches and disparities between countries – a matter highlighted by the FinCEN Files leaks.
In her piece, which was published by CCR Magazine, Nicola argues that one EU body is required to take responsibility for coordinating all 5MLD enforcement efforts. She also examines the issues facing the UK as it comes to the end of its Brexit transitional period.
Nicola's piece can be read here.
Nicola is known for her fraud, civil recovery and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.