The private sector will be given the chance to contribute to the future of financial crime prevention laws at a symposium hosted by the Law Society on 15 May.
In 2012 significant changes will be developed on how financial crime is detected and prevented within Europe. The Financial Action Taskforce, an inter-governmental body whose purpose is to develop and promote national and international policies to combat money laundering and terrorist financing, are issuing new international standards this year, while the European Commission will be recasting the current money laundering directive and the data protection requirements for information collected and proceeds to prevent financial crime.
The Law Society Financial Crime Symposium, sponsored by 192 Business and BankersAccuity, is a key opportunity for policy makers, law enforcement, academics and private sector experts to closely consider the effectiveness of the current approach to financial crime prevention.
Delegates will have the opportunity to suggest practical solutions, based on their experiences, to the policy makers and shapers, so that compliance requirements become more effective and proportionate.
The event is open to delegates from across Europe who have responsibility for financial crime prevention within the legal, financial, accountancy, gaming and high value sectors. Academics, regulators, supervisors and law enforcement officers involved in developing or enforcing financial crime policies, laws and regulations are also invited to attend.
The event boasts a wide range of leading expert speakers from key institutions including the Financial Action Taskforce, the European Commission, the OECD, the World Bank, the Financial Services Authority, a number of European financial intelligence units and the Information Commissioners Office.
They will consider key issues, such as whether financial crime laws are properly targeted on different sectors, how to asses the risk of financial crime; the implications of the Data Protection proposals on financial crime prevention activities and whether stringent financial crime laws promote or harm legitimate competition?
Law Society president John Wotton said: “Effectively combating money laundering and other forms of financial crime is in the interests of the legal profession, its clients and the private sector as much as it is in the interests of society at large. The Law Society has for many years been actively lobbying to ensure that the AML regime in this country is effective but also proportionate and workable. There is a growing recognition from within industry, law enforcement bodies and governments that financial crime prevention could be more targeted and less burdensome, while still being effective. This symposium enables professionals and those responsible for financial crime prevention to share best practice and suggest practical solutions for a more effective regime.”
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To book a place please telephone 020 7316 5700 or email events@lawsociety.org.uk
The Law Society is the independent professional body, established for solicitors in 1825, that works globally to support and represent its members, promoting the highest professional standards and the rule of law.
The Law Society has 150,000 individual members in England, Wales and around the world and 11,000 member firms operating in domestic and overseas markets. The Society provides over 50 different products and services.
For more information on the Law Society's work on anti-money laundering go to www.lawsociety.org.uk/antimoneylaundering