Better corruption safeguards needed

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. This included: 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 s...