Analysis

UK Economic Crime Plan Prompts Worries About Banks' Role

Law360, London (July 15, 2019, 6:52 PM BST) -- The British government's plan to give some of the country's biggest banks a prominent role in its latest strategy to stamp out economic crime has raised questions of a potential conflict of interest.

Banks including Standard Chartered, which reached a deal in April to pay £102 million ($127 million) over anti-money-laundering breaches, could be invited to help oversee policy on economic crime. (AP) The government’s plan, unveiled Friday, includes the creation of a “strategic board,” chaired by the U.K. home secretary and chancellor, to oversee improvements to policy on economic crime. And in addition to law enforcement officials and regulators, the government...

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