We had extensive discussions on the very important role of financial institutions and professionals, such as, lawyers and accountants, in detecting money laundering. Money laundering is no longer just an issue for the law enforcement authorities. Criminals and their associates launder their criminal proceeds using legitimate financial services and products offered by financial institutions.
Furthermore, professionals such as lawyers and accountants can be used by criminals to gain access to the financial system. Therefore, the providers of financial services are best placed to quickly detect possible money laundering crimes as and when they happen.