UK law enforcement agencies are looking to bind the private sector more closely into the national fight against money laundering and terrorist finance. They want to do more talking to the banks and they want better access to their sensitive information on criminals and laundering techniques.
Donald Toon, the head of the economic crime directorate at the UK's National Crime Agency (NCA), says: “The financial sector knows that its own best interests are served by driving illicit money out of the system. The banks are better placed than others to identify that which looks abnormal. I am very eager to establish much closer relationships between public and private sectors.” Mr Toon dismisses much criticism of banks’ willingness to play by the rules in the wake of the financial crisis, saying: “Banks are more sinned against than sinning.”
