Giving financial offenders no room to hide | GulfNews.com:
"The world has changed radically since the global financial crisis. In a concerted effort both to restore public confidence in the integrity of the financial system and to immunise it from the worst effects of any similar future events, governments are putting in place stronger laws, regulations and regulators.
To respond to these developments, many recruits are joining compliance and related functions of financial institutions in an environment where these functions have far more power than before. Indeed, such is the level of regulation that banks are reexamining rigorously where and with whom they do business and, in many cases, seeking to exit territories or relationships that fail to meet standards in the current environment.
And while contraction of available finance is an unintended consequence of tougher regulation, the upside is that it is now harder for criminals to hide their illicit gains, harder for insider trading rings to profit, and harder for money launderers to blend their funds with funds obtained legitimately. Moreover, transparency itself is no longer just a buzzword, it has become an integral part — if not requirement — of modern international business."
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