Clarke: Beware corruptive forces in world of finance

Stay away from corruption!

 

This was the advice from Deputy Executive Director of the Regional Security System (RSS), Graham Clarke, as he addressed a graduation ceremony held at the Pommarine Hotel on Friday evening. The 19 students present from across the region had successfully completed the Accredited Financial Investigations Training Programme – a 12 month programme with classes focused on open source intelligence, investigating off-shore companies and trust and the practical application of the law relating to the confiscation of criminal assets. 

 

Clarke told the graduates that “a chain is as strong as its weakest link” and therefore urged them to remain focused and determined as they are important links in the chain of financial investigations. He warned that some of them may be targeted by the money launderers, illicit traffickers and persons that have the financial means at their disposal, adding that money laundering appeared to be big business as persons gain financially through illicit activities.

 

“It is this phenomenon of corruption that I want to warn you against. Corruption knows no bounds, it is costly and dangerous,” he lamented. 

Clarke went on to add that he is proud of the training programme that took place and expressed that they have a very important role to play in financial investigations to ensure that criminal conduct is swiftly uncovered.

 

The Deputy Executive Director informed them that the field of financial investigations will take a lot of time and resources of people to achieve the result of uncovering criminal activity, and advised that they should not become weary because of the time factor.

 

“These investigations can draw on for a long time sometimes, but you can’t become disillusioned because you will encounter obstacles,” he said.

 

 

He further revealed that research showed, based on a 2014 report, that corruption costs European countries about $120 billion euros per year. 

Clarke went on to mention that it was reported in the media that a popular money transfer organisation is set to put out over $500 million dollars because the organisation failed to put proper measures in place to ensure that its resources were not being used illegally and reminded the graduates not to be caught in a similar position.(CLF)