Data protection and anti-money laundering: Irreconcilable?
Anti-money laundering and DP law often converge rather than conflict, but automated decision-making and vendor-management present challenges. By Abigail Dubiniecki of Strategic Compliance Consulting Ltd.
The Panama Papers scandal was the catalyst for reform to the Anti-Money Laundering (AML) regime. Following the Cambridge Analytical scandal, the ICO wants to use AML enforcement powers to tackle data crimes.(1)
On 3 April 2016, news outlets in 76 countries simultaneously reported on the ‘Panama Papers’, a collection of over 11.5 million leaked documents spanning 40 years of activity by Panamanian law firm Mossack Fonseca. The Panama Papers exposed an extensive, global, offshore financial network of tax havens and anonymous companies, many established to facilitate money laundering, tax evasion and political corruption through complex transactions and opaque legal structures.(2)