Sep 28, 2010

http://www.vanguardngr.com/2010/09/travelex-calls-regulators-to-join-force-against-money-laundering/

Travelex World wide, has re-iterated commitment at combating money laundering as it calls for collaboration of regulatory agencies across the world.

Speaking at a seminar organised by Travelex , titled “Fraud and Anti-Money Laundering Across Border,” a non Executive Director of the Travelex Group Worldwide, Lord John Stevens called on the regulatory agencies across the world to help in fighting this menace.

Lord Stevens who ranks as a former Commissioner of the London Metropolitan Police, stated  “If you look at the United States alone, last year there was a 75% in the figure A recent survey states that if left unchecked, the figure might get to £5 trillion in a few years time. So 75% surely is something we really need to keep our eyes on.

If you are a banks or any other financial institution, you just have to make sure that you have the right type of experts to push away some of the dangers around,” However, He noted that money laundering can discourage foreign investment and distort international capital flow, adding that lack of confidence in international businesses would affect the growth of any nation.Stevens claim that £2.74 trillion is spent globally to fight fraud as a result of money laundering.

He stressed that as time passes, new techniques of money laundering will unfold, Therefore he advised that we place national interest above personal interest, urging that there need to be changes in our legal system, and that steps should be taken by financial institutions.

In the same vein, the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido, represented by Mr. Sam Oniketutu said, money laundering is key to ill economic performance and this has potency of bringing down everything about an economy’s developmental prowess.

Oneketutu showed dissatisfaction as he expressed concern that the issue of money laundering becomes worrisome when those entrusted with the banks and other financial institutions are those found to have been involved in the act.

“Money market corrupts the market and undermines the stability of the financial market. Auditors and fraud investigators must be abreast with the method of tackling money laundering.

Regulatory, jurisdiction and diplomatic challenges are some of the issues that we need to address. Money laundering is a very sophisticated crime and our law enforcement agencies must be trained and re-trained to be able to combat,”  Another speaker who spoke at the seminar, the Chairman, Audit and Risk Committee, Travelex, Mr. Phil Hodkinson, urged financial institutions to strengthen their respective audit committees.

“Audit committees should encourage management to be pro-active regulators and from time to time, should check that those relationships are healthy by speaking to regulators themselves.”