Anti-Money Laundering Fight May Include “Failure to Prevent”

6/3/16:  UK Prime Minister David Cameron recently introduced plans for a new tool in the United Kingdom’s fight against global money laundering.  Contradicting claims portraying London as the world’s “money-laundering capital,” the Prime Minister introduced a new corporate offence for executives who fail to prevent fraud or money laundering inside their companies.  The Guardian published a good article reviewing Cameron’s plan, which has multiple provisions to prevent money laundering and tax evasion.  One of those provisions, according to the Guardian article: “Should an employee be charged with money laundering, the company will be deemed liable if it cannot show that it had put procedures in place to prevent money laundering and fraud.”