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Money Laundering and Financial Crime
The Fifth Annual Conference

The fight against financial crime, including money laundering and financial fraud, has moved relentlessly up the regulatory agenda due to a number of factors. First, there is an increased awareness of the scale and scope of financial crime, which has encouraged regulators and firms across the world to focus more closely on strategies to combat it. Second, the responsibility for establishing an effective financial crime governance strategy now rests firmly with the senior management of financial institutions, raising the profile of the issue and resulting in greater resources being made available to ensure that appropriate systems and procedures are in place. Third, there is better co-ordination in the fight against financial crime both domestically (e.g. the paper published by HM Treasury, the Home Office and the Foreign Office on their joint strategy to combat money laundering) and internationally (both at the European and at the global level). Against this background, this fifth annual conference on money laundering and financial crime will provide delegates with a detailed update on a number of key developments in this important area, including:

– The FSA’s anti-financial crime strategy – an update – How regulatory and enforcement developments in the US will affect the UK and the EU – Assessment of how effectively European governments are co-ordinating their anti-financial crime policies – Implications of the implementation of the Market Abuse Directive, which will take effect this July – The JMLSG’s proposed new guidance – Role of the NCIS and success stories to date – Lessons from a case study on Suspicious Transaction Reporting – Recent police experience in combating fraud – Strategy of the Serious Organised Crime Agency – Review of the impact of financial crime in the energy markets – Implementing an effective financial crime governance strategy

Philip Robinson

Director of Regulatory Transactions and Sector Leader for Financial Crime, Financial Services Authority Partner, PricewaterhouseCoopers


Andrew Clark


Felicity Banks Nigel Coles Paul Evans Diane Forster Jonathan Herbst Martyn Hopper John Sinclair Mair Nigel Mawer Chip Poncy Monty Raphael

Director, Fraud Advisory Panel Assistant Director for Financial Intelligence, National Criminal Intelligence Service Executive Director for Intervention, Serious Organised Crime Agency Senior Legal Compliance Manager, Nationwide Building Society Partner, Norton Rose Partner, Herbert Smith Group Financial Crime Director, Lloyds TSB Detective Chief Superintendent for SDC6, Economic and Specialist Crime Unit, Metropolitan Police Service Senior Advisor to the Assistant Secretary for Terrorist Financing and Financial Crimes, US Department of the Treasury Senior Partner, Peters & Peters Consultant, Beachcroft Wansbroughs Director, British Bankers Association


Professor Barry Rider David Swanney



This is the fifth annual conference that City & Financial has organised on money laundering and financial crime. With official estimates suggesting that £25 billion is laundered through the UK every year and that the financial services sector loses some £11 billion per year from economic crime, the magnitude of the issues facing the UK is clear. Furthermore, the FSA has stressed that it will hold the senior management of financial institutions personally responsible for ensuring that the appropriate procedures are in place to meet the FSA’s requirements on money laundering. This year’s programme will focus on the latest developments in the fight against money laundering and financial crime. To set the scene, we are
SPEAKERS’ BIOGRAPHIES Felicity Banks is Head of Business Law at the Institute of Chartered Accountants in England and Wales. She has direct responsibility for the Institute’s work in the areas of economic crime, including money laundering, and for insolvency practice and general business law. Among other activities, she represents the accounting profession on HM Treasury’s Money Laundering Advisory Committee. Ms Banks has had active membership of the Fraud Advisory Panel since it was first set up in 1998, sitting on the Investigations & Prosecutions Working Party. She is a director of the Panel and also sits on their Money Laundering Task Force and Projects Sub-committee. Andrew Clark is a Partner at PricewaterhouseCoopers where he heads up the Anti-Money Laundering Services team, which provides advice and assistance to financial institutions facing money laundering issues, such as undertaking KYC remediation programmes or implementing suspicious transaction monitoring tools. Mr Clark has undertaken a large number of AML reviews for financial institutions at the request of the FSA, and he has also undertaken several similar projects around Europe. He is currently working with a variety of clients who are seeking to improve their AML governance framework and are selecting AML technology tools. Mr Clark’s anti-money laundering clients include a wide range of financial institutions, including international regulators, as well as a number of law enforcement agencies. He spent two years as a Senior Manager in the Special Investigations Unit at the Bank of England advising the banking supervisors on all matters relating to money laundering, and has been appointed by the SFO, DTI and other authorities to investigate financial crime. Mr Clark is Consultant Editor of A Practitioner’s Guide to International Money Laundering Law and Regulation, and lectures on AML to banking supervisors at the Bank for International Settlements. Nigel Coles has over twenty-six years service with Merseyside Police and has undertaken a number of detective and intelligence roles with the force including being the Head of the Force Intelligence Bureau. He was first seconded to NCIS in 1992 where he spent five years first as Intelligence Coordinator and the Deputy Head of The North West Branch Office in Manchester before returning to Merseyside Police for three years as an operational Detective Chief Inspector and Detective Superintendent in several intelligence posts. Mr Coles returned to NCIS in February 2000 as Area Coordinator for the NCIS’ Northern Area – responsible for its Branches in Manchester, Wakefield, Glasgow and Belfast. After undertaking a spell as Acting Director responsible for the whole of the UK Division he was given responsibility for re-organising NCIS Branch structure in the South of England and in London. He took up his new job as Assistant Director for Financial Intelligence (NCIS) (formerly the Economic Crime Branch) in July 2003. Paul Evans is Director of Investigation (also known as Chief Investigation Officer for statutory purposes), Law Enforcement, HM Customs & Excise. Mr Evans was appointed Chief Investigation Officer in October 1999. He started his career in the Royal Navy in 1972 and served until 1980. He joined the HM Diplomatic Service in 1982. Since then, he has had a variety of postings: UK Mission to the United Nations in Vienna, First Secretary in London, First Secretary (later Counsellor) in Washington, and latterly Counsellor, again, in Vienna. In October 1999 he was appointed to his current post in Investigation to reshape and modernise the Service in line with new government anti-drugs and anti-fraud strategies. As part of the restructuring of HM Customs & Excise, with effect from 1 April 2001, the National Investigation Service became part of Law Enforcement. He was appointed Executive Director Intervention, SOCA in March 2005. Diane Forster is a Senior Legal Compliance Manager and Assistant GMLRO for Nationwide Building Society. She has worked at Nationwide for over twenty-one years, starting out in the retail branch network and has spent the last eleven years in compliance. Ms Forster manages three legal compliance teams who have responsibility for devising and communicating the group’s AML strategy, providing advice and guidance to the business on relevant law and regulation and investigating suspicions of money laundering for the Nationwide Group raised both by the automated transaction monitoring system and manually by Nationwide staff. Jonathan Herbst joined Norton Rose as a partner in the London Financial Services Group in October 2002 and was previously Head of European Law at the Financial Services Authority between April 2001 and September 2002. He specialises in financial services transactional and regulatory matters with a focus on commodity derivative work on regulatory and trading systems issues. Mr Herbst is the co-author of the e-commerce volume of the Butterworth’s Financial Regulation Service, is the legal adviser to the Futures and Options Compliance Committee and sits on the joint FSA/HM Treasury committee on scope issues relating to the implementation of the Markets in Financial Instruments Directive. Martyn Hopper specialises in financial services regulatory work. Prior to joining Herbert Smith he spent over nine years as a senior in-house lawyer at the Financial Services Authority. Formerly Head of the FSA Enforcement Division’s Market Integrity Group, he has extensive experience of regulatory investigations and enforcement actions. He was also closely involved in regulatory policy issues, including the development of the market abuse regime. His practice involves advising financial institutions on risk management and compliance issues as well as representing clients in FSA investigations and enforcement actions.

delighted to have Philip Robinson, Director, Financial Crime at the Financial Services Authority, delivering the keynote address, in which he will update delegates on the FSA’s strategy for fighting financial crime. This will be followed by a senior official from the US Department of the Treasury providing an assessment of how regulatory developments on the other side of the Atlantic are likely to affect UK and European companies. The third speaker of the morning will analyse how uniformly individual national regulators in the EU are approaching financial crime, and the extent to which any differences in approach may create difficulties for firms. The international perspective will be completed by a presentation of the

John Sinclair Mair is the Group Financial Crime Director at Lloyds TSB Group Plc. He joined LTSB in September 1986. Since September 2001, Mr Mair has been the LTSB FSA Group level Approved Person (CF 11). He established a new group wide function – policy, strategy, and leadership – and has been appointed industry representative to various senior Government Committees. From 2000 to September 2001, Mr Mair was Deputy General Manager at Lloyds TSB in Argentina, where he established a Commercial Division of 850 staff, and then a Risk Management function. Among other appointments, he is Member, (Major Institutions), of the HM Treasury Money Laundering Advisory Committee and Member of the Joint Money Laundering Steering Group. He has also lived and worked in financial services in Portugal, France, Jersey, Honduras, and the UK. Nigel Mawer was appointed as the Head of the Economic and Specialist Crime Unit at New Scotland Yard in January 2004. He has one of the most varied commands in the Metropolitan Police Service where he has responsibility for the investigation of Public and Private Sector Fraud, Money Laundering and Asset Recovery, Computer Crime, Criminal Justice Protection, Organised Vehicle Crime, Domestic Extremism, Arts and Antiques, Wildlife Crime and conducting Extradition and International Enquiries for other countries. He has the lead on developing ‘Sterling’, a new MPS strategy to combat economic crime in London and ‘Payback’, which is pursuing the assets of middle tier criminals. He has been a Detective since 1981 working in various parts of London. From 1996 to 2001 he was seconded to the National Crime Squad where he led operations targeting organised criminals and ran an operational branch. During this time he conducted a 3 month national review of the NCS operational branch structure and for the last 18 months of this secondment he worked on a sensitive enquiry in Northern Ireland. As a Detective Superintendent he ran the murder investigation teams in West London. In 2001 he achieved an MA in Individual and Organisational Development. Chip Poncy is a Senior Advisor to the Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury. Mr Poncy advises and assists the Office for Terrorist Financing and Financial Crimes on international and domestic legal, regulatory, and law enforcement matters, including counter-terrorist financing, counter-terrorism, and anti-money laundering issues. His primary responsibilities include: developing domestic and international financial, regulatory, diplomatic, legal and private sector strategies for countering terrorist financing and money laundering; working with other US Departments and agencies to ensure necessary coalition-building to advance USG counter-terrorist financing and antimoney laundering initiatives; developing and implementing bilateral and multilateral projects and initiatives related to anti-money laundering and counter-terrorist financing; and assisting in Congressional and private sector outreach on issues related to counter-terrorist financing and anti-money laundering. Monty Raphael has been with Peters & Peters, solicitors of London, UK, throughout his legal career. Senior Partner until 30 April 2005, he now remains with the firm as full-time head of Fraud and Regulatory. Mr Raphael is regarded as the “doyen” of white-collar crime lawyers, and has been engaged in all aspects of litigation involving fraud and regulatory issues for more than 40 years. He has made a particular speciality of civil and criminal fraud, both domestic and international. Among the numerous high profile cases that he and his firm have been involved in over the last two decades are Lloyds of London, Guinness, Barlow Clowes, Blue Arrow, BCCI and Maxwell, Wickes, Versailles and a whole host of others, less well known or less well publicised. Professor Barry Rider is a Consultant at Beachcroft Wansbroughs. Professor Rider has taught law in Cambridge for the last thirty years and is a Fellow (now Fellow Commoner) of Jesus College, Cambridge. He has doctorates from the Universities of London, Cambridge, Penn State and the Free State and is a member of the English bar. He has served as an international civil servant and established and ran for a decade the Commonwealth Commercial Crime Unit. He has also served as counsel to the IMF and as a consultant to many other inter-governmental organisations. He is the General Editor of a number of publications including the Journal of Financial Crime and Journal of Money Laundering Control. Philip Robinson is the Financial Services Authoriy’s Director of Regulatory Transactions and Sector Leader for Financial Crime. In the latter role he is responsible for ensuring that issues which pose risks to the FSA’s Financial Crime objective are quickly identified and resolved, and that the FSA has the right depth and breadth of financial crime expertise among its people, as well as coherent requirements and policies on financial crime issues. Since 1997, he has had a number of Director roles in the FSA, initially for Communications, then the Pensions Misselling Review and latterly for Banking and Building Society Supervision. David Swanney is a chartered accountant and experienced banking regulator, with practical industry experience as Director, Group Compliance and Group MLRO for a major UK banking group. He is the author of the Joint Money Laundering Steering Group’s current radical revision of their money laundering guidance notes. After seventeen years in the accounting profession in a number of roles, Mr Swanney had a twenty year career at the Bank of England, and latterly the FSA, mostly in banking supervision. His responsibilities included an appointment as Head of Division directly supervising a range of UK banks; having responsibility for the Bank's Enforcement activity against illegal deposit taking; acting as secretary to the Board of Banking Supervision; and running the UK Deposit Protection Board at the time of the BCCI collapse. In October 2000, Mr Swanney was invited to join the Royal Bank of Scotland Group as Director, Group Compliance. Following a reorganisation of this function in late 2002, he took early retirement. Since then he has worked with the British Bankers’ Association on money laundering prevention and accounting issues.



implications of the UK implementation of the Market Abuse Directive. The programme then focuses on some specifically UK issues. The BBA will talk about the background to the JMLSG’s proposed new guidance, its contents and what it will mean in practical terms for financial institutions. Next, NCIS will give an assessment of what it has achieved to date, as well as some insight into how and where it has achieved success. This leads into a case study presented by Nationwide Building Society on suspicious transaction reporting. After lunch, delegates will be able to hear two presentations by the police. First,

the Metropolitan Police’s Economic and Specialist Crime Unit will talk about their recent experience in combating fraud and some lessons this may hold for financial institutions. Second, the recently formed Serious and Organised Crime Agency (SOCA) will discuss its strategy for tackling financial crime. This will be followed by a review of the impact of financial crime on the energy markets. The day will conclude with a panel discussion that will draw together the threads of the preceding presentations by considering how financial institutions can best implement an effective financial crime governance strategy. Attendance at this conference will be invaluable for all FSA-regulated financial institutions.

08:30 09:00

Coffee and registration Chairman’s opening remarks Andrew Clark, Partner, PricewaterhouseCoopers Keynote address: Current challenges facing the FSA in fighting financial crime Philip Robinson, Director of Regulatory Transactions and Sector Leader for Financial Crime, Financial Services Authority How regulatory and enforcement developments in the US will affect the UK and the EU – How are terrorists and criminals abusing the international financial system to raise, move and launder funds? – International developments to combat terrorist financing and money laundering – Expanding and strengthening anti-money laundering standards – Building from sound anti-money laundering regimes to combat terrorist financing – Promoting implementation and compliance with global AML and CFT standards – US regulatory developments: how the US is developing and implementing regulations to combat terrorist financing and money laundering Chip Poncy, Senior Advisor to the Assistant Secretary for Terrorist Financing and Financial Crimes, US Department of the Treasury Co-ordinating the approach of individual national regulators in the European Union to financial crime – The implementation of the Second Directive and the arrival of the Third Directive – Europe wide AML policy-does it exist? – Do the institutions of Eurojust and Europol have a part to play? Monty Raphael, Senior Partner, Peters & Peters Morning coffee Implications of the UK implementation of the Market Abuse Directive – Changes to the definition of market abuse – Suspicion reporting, insider lists and internal control issues – Implementation and enforcement in the EU Martyn Hopper, Partner, Herbert Smith The JMLSG’s proposed new guidance – The drivers of change – The key new proposals – The risk-based approach – Implications of the proposed new approach David Swanney, Director, British Bankers Association



NCIS’s role and success stories to date – Two years on from ‘KPMG’ – a changed environment – The changing nature of Suspicious Activity Reports (SARs) – Working with the regulated sector(s) – Delivering real intelligence to law enforcement Nigel Coles, Assistant Director for Financial Intelligence, National Criminal Intelligence Service Case study on Suspicious Transaction Reporting – KYC – the challenge – User requirements – Cumulative approach to unusual behaviour – Our experiences Diane Forster, Senior Legal Compliance Manager, Nationwide Building Society Lunch The Metropolitan Police Service response to combating fraud and to suspicious activity reporting – The threat posed by economic crime and how to combat this through partnership between the public and private sector – ‘Sterling’ – the MPS initiative to combat economic crime in London – Maximising the effect of the Proceeds of Crime Act – New initiatives relating to prevention, the maximising of partnership intelligence and enforcement using the SARs regime Nigel Mawer, Detective Chief Superintendent for SDC6, Economic and Specialist Crime Unit, Metropolitan Police Service Strategy of the Serious Organised Crime Agency – Harm and Crime reduction. What is it? – Why form SOCA? – How will SOCA operate? Paul Evans, Executive Director for Intervention, Serious Organised Crime Agency The impact of financial crime in the energy markets – lessons to be learned – Overview of the key aspects of energy markets – What are the risks faced by firms in this sector? – How can firms protect themselves from financial crime? – What is the approach of the regulator? – Is it possible to discern future trends-what should firms look out for? Jonathan Herbst, Partner, Norton Rose Panel discussion on how financial institutions can implement an effective financial crime governance strategy Felicity Banks, Director, Fraud Advisory Panel Andrew Clark, Partner, PricewaterhouseCoopers John Sinclair Mair, Group Financial Crime Director, Lloyds TSB Professor Barry Rider, Consultant, Beachcroft Wansbroughs Chairman’s concluding remarks Afternoon tea and close of conference



13:00 14:20




10:35 10:55



16:30 16:40



Money Laundering and Financial Crime
The Fifth Annual Conference The Fifth Annual Conference
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