Current safeguards for funds against corruption have not gone far enough, according to Richard Pratt...
Current safeguards for funds against corruption have not gone far enough, according to Richard Pratt, director general of the Jersey Financial Services Commission, writes Joanne Frearson.
In a recent seminar, Pratt explained information is the key to sealing these loopholes. In his speech he outlined measures to combat this.
l A widening of the 'know your customer' rules for banks to investigate fully the true owner of wealth and the source of transactions, particularly in the case of companies and trusts.
l Establishing a comprehensive international database of senior public officials and ministers to help banks assess the risk which could be provided by the private sector.
l Regular reviews of banks' customers to establish whether or not they have moved into an area that makes them vulnerable to corruption.
l Creating an international clearing house for information on suspicious transactions carried out by serving officials. He said this could be provided by INTERPOL.
l Setting up an international fund for the temporary placement of assets identified as proceeds of corruption but where the true ownership has not been determined. He said this could be run by the United Nations which would allow time to establish rightful ownership and ensure that the funds are returned to the appropriate person.
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