PA Consulting’s Head of Financial Crime, Richard Grint, discusses PA's latest report on the state of financial crime in the Nordics in Danish Børsen.
Richard Grint previously worked in more mature markets in the US and the UK advising both private and government clients, including law enforcement. He says:
“Our recent study showed that Danish money laundering defences are a decade behind many other geographies and where they should be.”
“20 years ago if law enforcement played their part, if banks played their part and the regulator played its part, then everything was fine. What’s become increasingly clear in the past decade is that this is not enough, unless everybody talks to each other and collaborates. Everybody holds a different part of the puzzle from an information perspective and has different priorities and if any one part of that doesn’t work effectively the whole (anti-AML) eco-system in any given geography will fail.”
“Sharing data is absolutely essential to any preparation for action.”
Danish lawmakers’ interest in fighting money laundering has risen dramatically following Danske Banks exposure in Estonia, and while Richard Grint commends the surge in attention and resources being directed towards blocking criminal proceeds from circulating back into the regular economy, he insists Denmark is far from up to speed in fighting economic criminals and money launderers.
“Consider the intelligence sharing models you’re trying to build in Denmark. You’re basically copying the UK’s JMLIT which was fully operational 5 years ago. That puts you quite a long way behind, considering it’s about talking to each other.”