Outdated legislation and unclear government policies mean less developed countries are the ones to suffer as a result of anti-money laundering strategies.
The Bracken column
The Bracken column is named after Brendan Bracken, the founding editor of The Banker in 1926 and chairman of the modern-day Financial Times from 1945 to 1958.
Latest articles from Bracken
Although technology can sometimes feel like a threat, financial institutions that embrace it can slash costs, reduce cyber risks and better meet customer needs, says Timothy Adams of the Institute of International Finance.
Western banks are understandably cautious about doing business in Myanmar and Iran, even after changes to sanction rules were introduced in 2016. Matthew Oresman and Aaron Hutman of Pillsbury Law negotiate their way around what remains a delicate subject for many.
As Greece works towards moving out of recession, the removal of capital controls are essential. But there should be strict conditions before this happens, warn Nikolaos I Georgikopoulos and Michael L Pinedo.
Higher inflation targets look unlikely in the next few years, but given their negative impact on bond yields, markets should ensure they do not take their eye of the ball, say Gabriel Sterne and Tony Yates of Oxford Economics.
The EU should abandon a one-size-fits-all mentality to ensure a diverse banking market by setting proportionate regulation and encouraging innovation, says Chris de Noose of the European Savings and Retail Banking Group.
Determining how UK financial services interact with the EU following the referendum will be no easy task. One approach might be to look to how banking regulation was originally negotiated, suggests former Association for Financial Markets in Europe director Peter Beales.
The shadow banking sector got a bad press after the global financial crisis, but it can be a valuable source of innovation while helping to mitigate financial risk, writes Harald Benink of the European Shadow Financial Regulatory Committee.
Nearly a decade on from the financial crisis, subsequent reforms have put the UK at the forefront of banking standards. But there is no room for complacency, warns Anthony Browne of the British Bankers’ Association.
The professionalism and ethics of individual bankers is too important to be left to each bank on its own: the industry as a whole needs to come together to set new standards, says Simon Thompson.