In this episode of Dollar & Sense, David Dollar is joined by Tom Keatinge to discuss the ramifications Brexit will have on the United Kingdom’s use of financial sanctions and regulation of financial crime.
Criminals are using an increasingly complex financial modus operandi to take advantage of today’s mostly fragmented approach to detecting their criminal activity. They are, among other means, cycling through financial institutions so that no one bank has the full picture, and moving their money and accounts more quickly than bank reporting and law enforcement can keep up with.
The latest KPMG study commissioned by RUSI reveals that almost 45 billion illicit cigarettes were consumed in Europe in 2017, despite a 7.4% decline on 2016 figures. This equates to €10 billion in lost tax revenues for governments, with illicit cigarettes accounting for 8.7% of total consumption in 2017.
Over the last decade, the US and EU have constructed a complex network of sanctions in response to Iran’s nuclear programme, ensuring the near-total isolation of Iran from global markets. On ‘implementation day’, this network starts to be disassembled and reintegration begin.
A month on, many ‘missed opportunities’ to prevent the Paris attacks on the part of the French intelligence services have come to light. But was this an intelligence failure or the result of the inherent limitations of intelligence?
The latest Strategic Defence and Security Review can be best described as being a ‘steady as she goes’ review, providing a welcome element of stability in defence planning after five years of substantial reductions.