Ernst & Young (EY) has released a report listing money laundering and terrorist financing amongst the top trends in illicit funds flows.
Entitled ‘Top Fraud and Corruption Trends for 2015’, the report also cites economic and trade sanctions as well as bribery and corruption as some of the primary financial threats companies are set to face in the coming year.
EY predicts that the current increase in the sophistication and diversification of trade-based money laundering techniques will continue.
Black money will continue to be laundered, not just through the traditional banking system, but also through non-banks, including insurance providers according to the report.
It anticipates that the record fines and increased scrutiny on sanctions seen in 2014 will continue this year.
Developments in money laundering techniques call for heightened security within financial institutions according to EY.
The firm says this underlines the need for robust controls and monitoring systems, and increases the need to review and enforce compliance programmes and controls.
EY’s report, Top Fraud and Corruption Trends for 2015 can be found here:
Categories: Trade Based Financial crimes News