Hong Kong, Hong Kong S.A.R. May 16, 2019 (Issuewire.com) - Remove the Hollywood glitz and glamour of mob bosses and high-powered Wall Street types living it up on illegally gotten gains, the money ‘cleaned’ through laundrettes and car washes, the ripple effect of money laundering is damaging communities across the globe.
With shows like Billions and Breaking Bad glamorizing financial crime, the ‘bad’ guy is portrayed as romantic misunderstood figure trying to get ahead, but Chris Usher from BPP’s Global Head of AML and Financial Crime Education, says this far from the reality of the ugly side of the business.
“Bribery, corruption and financial crimes facilitate the drug trade and poverty. The impact of these criminal activities is hurting millions of people. The consequences of money laundry have far-reaching implications on a country’s economy and social wellbeing,” he said.
“When you get a government official or high-level business person believing the money, that could have paid for a school or a hospital, is better in their pocket, others suffer. Glorifying money laundering and financial crimes minimizes the seriousness of it.
“While we love a gangster in the movies, what they are doing in real life is causing death and mayhem, decimating communities. Money laundering and financial crime is not a glamorous activity; people die and get hurt. The human impact is huge.”
Given the susceptibility of financial service industries in Hong Kong and Singapore, BPP Events, a leading provider of conferences and events in International Financial Centres (IFCs) focusing on Anti-Money Laundering, Governance, Risk & Compliance and Financial Crime Prevention, is hosting two conferences in these regions to help the financial crime fighters - Hong Kong and Singapore May 21 and 23.
Usher said the one-day symposium will examine the key risks facing financial services businesses in Hong Kong and Singapore and help strengthen resources and knowledge against financial crime.
“Understanding the social and economic impact is important for the organizations whose gatekeepers are responsible for reducing financial crime. Many have in place stringent procedures to combat financial crime; however this is a space that’s constantly changing with the evolution of cryptocurrency and the level of deviousness the criminals operate on,” he said.
“We have gathered thought leaders to highlight the growing risks of financial crime and money laundering. By getting an insight into the failures of the industry and tapping into the experience and guidance of those who specialize in this area, the impact and growing risks can be mitigated.
“Yes, it can be a dull subject, but it is a topic that is important to society and need to be better managed. If we don’t adapt and change, at the same rate the criminal elements do, we perpetuate the crime. The symposiums will feature experienced people from across government and business sharing their war stories so others can benefit.
“Money from the drug trade has to go somewhere; being able to identify where the money is coming from and how it is being laundered can reduce the terrorist financing and ensure nothing is being taken from the people who really need it to survive.”
There are huge legal and regulatory responsibilities for organisations with the finance, property and legal sections, as well as moral obligations to stop financial crimes.
Usher said organizations can always do more. “Quite often it can be as simple as focusing on the organization’s culture. Culture is important. When things go wrong, it is often because a business doesn’t have the right cultural approach; it’s not a ‘tick-a-box’ exercise; it’s about investing and focusing on creating an environment where people feel safe to raise concerns about suspicious activities and are supported in speaking up,” he said.
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