Barry Whiteside: Prosecuting money laundering crimes Closing speech by Mr Barry Whiteside, Governor of the Reserve Bank of Fiji, at the 3rd National Anti-Money Laundering Conference on “Prosecuting money laundering crimes”, Suva, 9 November 2011. *  *  *  Introduction Members of the National Anti-Money Laundering Council, Members of the judiciary, invited speakers and conference delegates.
Entities have strong incentives for under-provisioning, because: •  It is generally not fully tax deductible in many jurisdictions; and  •  Many business executives take a short term view of showing enhanced profits. High provisioning reduces profits, and hence dividend distribution and share price; and more importantly, bonus payment to top management and staff. The same holds good for banks also.