William Bailhache says that with corruption evident on a major global scale thorough ‘know your customer’ (KYC) practices and risk assessment must be employed to avoid money laundering or terrorist financing.
It is not the job of the police, he says, to investigate and prove whether money in offshore accounts is money from criminal proceeds.
Ahead of new international guidelines to be released in January, Mr Bailhache stressed that the responsibility to check out potential clients lay firmly with the service providers themselves.
