Commissioner Ian Dyson of the City of London Police has stated at the annual PIMFA Financial Crime Conference that 75% of all fraud crimes reported are cyber-enabled and the crimes are growing sporadically. Warnings were given by a range of expert speakers who hinted that London is gradually becoming a haven for money laundering in the world. It was also discussed that technological advancement should also take a faster pace because the criminals perpetrating laundering act are also equipped with sophisticated technology, hence setting the cat and mouse race technology-wise. Numerous ways to protect firms and clients were also discussed on the day from industry-wide co-operation in sharing information to new police and governmental efforts to issues such as training your staff and educating clients to counteract ‘the human threat’. Over 100 delegates from across the regulatory, law enforcement and cybersecurity industries attended the event organized by the industry trade body and sponsored by Herbert Smith Freehills and Bureau Van Dijk.
The agenda covered an array of financial crime issues such as anti-money laundering, vulnerable clients, cybersecurity whistle-blowing, market abuse and fraud. PIMFA Chief Executive Liz Field in his near end remark at the event said: “The conference was a great way to gain some insight from the many experts in this field to highlight the importance of education and vigilance when it comes to financial crime. Technology is advancing every day, which, if mishandled can be used against us. Fraud and cyber-crime are rising and becoming more advanced. We will continue to work closely across the industry, including the City of London Police, the National Fraud Intelligence Bureau, the National Crime Agency, the regulators and our firms to help tackle financial crime and help protect clients
Other notable speakers who addressed the congregation at the event were Hywel Jenkins, from Herbert Smith Freehills and Bruce Forbes, from Prudential, Alison Barker, Director of Specialist Supervision at FCA, Jon Cosson from JM Finn, Simon Mair from Brewin, and Craig Arnold from Redmayne, Svetlana Rhodes, Head of Financial Crime Compliance and Deputy MLRO from the Close Brothers, Max Bruce, Cyber Protect Officer – National Fraud Intelligence Bureau, Susannah Cogman and Chris Ninan of Herbert Smith Freehills, Catherine Kernaghan, Head of Counter-Illicit Finance & Economic Crime Reform at the HM Treasury, Jeffrey Robinson.