Author: Nicola Sharp 15 September 2021
Penalties imposed for money laundering failings in the first half of 2021 were down 40% on the same period last year. But Nicola Sharp wrote a piece explaining why it would be wrong to place too much emphasis on the latest figures.
In her article, she says a rise in the figures can be expected as the world emerges from coronavirus; especially as the pandemic is believed to have led to a rise in financial crime. Once enforcement agencies resume normal working and start identifying those who made illegal gains from the pandemic, she believes there will be an increase in prosecutions.
This, Nicola argues, is likely to lead to more money laundering being recognised and penalised.
Her article also emphasises that the year before the pandemic struck saw regulators taking more action than ever before against those who were failing to meet their money laundering obligations. Nicola expects such levels of anti-money laundering activity to resume – leading to a rise in the figures for money laundering penalties.
While the current drop in penalties is an eye-catching one, she believes it will be short-lived.
Nicola's article can be found on Lawyer Monthly.
Nicola is known for her fraud, civil recovery, arbitration 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.