The criminal investigation into Malaysia’s 1MDB scandal must be conducted in tandem with a multifaceted, multi-jurisdictional, multidisciplinary civil asset recovery investigation, says Martin Kenney
Martin Kenney is scathing about an alleged $8.3 billion Danske Bank money laundering scandal via Estonia, which partly relied on false data being submitted to the UK’s Companies House. The bank’s punishment so far? A “stern ticking off.”
We need to have an effective whistleblower program to hang like a Sword of Damocles over those who think they can act dishonestly and with impunity, argues Martin Kenney.
The Panama Papers made a difference, but bashing Britain’s overseas territories because of historical failings rectified years ago needs to stop.
The pressure on compliance professionals is immense. The individuals charged with the responsibility will always have the sword of Damocles hanging over their heads.
Not only does the UK’s Proceeds of Crime Act seek to right wrongs, in doing so it discourages others from following in the offender’s footsteps and removes the allure of their negative and toxic role model.
Public UBO registers are only as good as the information provided by those required to furnish it.
Having browbeaten the House of Commons into enacting a statute seeking to impose public ultimate beneficial ownership registers on the United Kingdom’s overseas territories, such as the Virgin Islands, there are moves afoot to legally fortify this legislative decision by declaring it under the heading of national security.
Russia and its oligarchs are not alone in their kleptomaniac, money-laundering endeavours.
It cannot be over-emphasized that the UBO information held in “controlled” transparent systems, like the one in the BVI, is of very great investigative value.