BAE Systems lifts the lid on how dirty money moves

Nov 3, 2016:

In line with its commitment to increase awareness and understanding of financial crime, BAE Systems launched a report entitled How Dirty Money Moves. The report aims to bring to light the current situation of money laundering and how industry can detect and prevent against this growing crime.

Sanjay Samuel, BAE Systems Applied Intelligence Asia-Pacific Managing Director, said: “We have seen money laundering activities rising rapidly in various regions and evolving at a faster pace than many organisations, financial institutions and governments can detect and prevent today.”

With laundered money representing between two and five percent of global GDP, there is a need for these companies to not only prevent such activities from occurring, but to be cautious in ensuring that ‘dirty money’ is not present inside their business operations.

“The key to this is understanding how the criminals operate. Criminals today, for instance, are diversifying their tactics through peer-to-peer lending, casino gambling, real estate, fake invoicing – the list goes on. In doing so, they can spread their risk and avoid the area under most scrutiny: banks. It’s time for the other ‘gatekeepers’ to the financial industry to start to combat these fraudsters too.”

“The eradication of money laundering is impossible but what we can do is to make the environment riskier and create difficult proposition for criminals. Naturally, this has to be complemented with a set of effective legislations and regulations,” added Sanjay.

The report is available now to download from here.