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GRC Professional : GRC Summer 2013
29 seat at all, its voice must have been drowned out or ignored by senior m a nagement given the slew of scandals over the past 10 years. Thin blue line If GRC cannot police effectively, then what persuades the profit makers to act lawfully? Not much it seem s. There are many apologists within financial institutions who say that criminal laws will be misused and people will be prosecuted for crimes that they have not com mitted. Granted, there is always this risk. But society as a whole does not advocate removing the penalties for murder because there is a risk that innocent people will be convicted of those crimes. It is a risk that society deems essential to take. Criminal laws with suitable penalties that require those who work in financial institutions to avoid fraudulent behaviour and to mitigate the risks that they might be dealing in the proceeds Joy Geary is a director of AML Master, a Melbourne- based consultancy to the financial sector on AML/CTF. NZ Anti-Money Laundering/Counter Financing of Terrorism master classes Thursday 28 February and Friday 1 March. Two half-day AML/CFT Implementation Master Classes in Auckland outlining everything members need to know for when the anti-money laundering and counter financing of terrorism regulations are fully implemented in New Zealand this year. Check the ACI website for full details. of crime, aiding corruption and facilitating other criminal acts, should hold little concern for directors, chief executives, senior managers and bankers who are committed to good corporate conduct. What is essential, however, is that financial market participants do fear the second Chinese curse -- coming to the attention of the authorities through criminal prosecution -- for the offences that many of them seem tempted to commit with monotonous repetition. If their commitment to good conduct comes from the personal fear of criminal prosecution for crimes they might participate in -- rather than a belief in the value of GRC -- then so be it. That is of little concern to members of the public. What does matter is that members of the community and 'financial citizens' -- be they mortgage holders, superannuation investors or bank depositors -- are one day able to have confidence in the members of the global financial sector that they feed. •••
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