Exiger EMEA Regional chair Lisa Osofsky on BBC World Service
It has been over a year since details of the Panama Papers were revealed across global media outlets. Lisa Osofsky, EMEA regional chair at Exiger, discussed with BBC World Business Report - on both TV and radio - the progress that has been made by companies and by international regulators in tackling the risks of global corruption and dealing with rules around financial disclosures.
Speaking to the BBC, Ms Osofsky explained that while the revelations from the Panama Papers and the investigations shed light on laws to prevent financial crime, these changes to regulation have undergone a long period of gestation and are finally beginning to have an effect on those who circumvent the law. “I don’t think we’ve seen massive change in the sense that now nobody is laundering money. I think what we have seen are changes in regulation and newly renewed interest in regulation that are designed to get at the things the Panama Papers are known for: laundering money through non transparent means and corruption”.
Ms Osofsky believes that recent legal cases and other enforcement actions, including the recent investigation into Credit Suisse and the UK Deferred Prosecution Agreement and other international settlements with Rolls Royce, offer encouraging signs that various national enforcement bodies are sharing knowledge and working ever closer to clamp down on business activities that vere into illegitimate practices. A renewed international political will to prevent money laundering, sanction breaches and illegitimate tax avoidance schemes is helping enforcement authorities to obtain the appropriate level of skilled resource needed to make anti-corruption legislation stick. Ms Osofsky also looks ahead to new legislative changes on the horizon such as France's new anti-bribery and corruption laws due to come into force this summer.
Listen to the full BBC World Service interview from 06 mins 19 seconds here.
For more on Exiger's money laundering investigations capabilities, click here.