Quis custodiet ipsos Custodes?

• 21 December 2017
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The question, first posed by the Romans, remains as contemporary, and unanswered, today. Who indeed checks on the custodians of law and order?

Today, it seems that, in respect of financial crime,

there is no proper oversight of money laundering and mega theft involving not just international criminals but international super banks.

A relevant instance is the report by the Swiss banking authorities about major criminal activity arising from Malaysia and involving a major international bank which appears to have acted in an incompetent manner in facilitating mega theft from a Malaysian government fund.

That this could happen at all is a worrying feature in the context of the international war against financial crime and misbehavior. That it should have involved a major international financial institution is more than worrying and that it has been let past by financial regulators with no penalty worse than a slap on the wrist is so extraordinary as to raise doubts not only about the efficiency of anti money laundering measures but about the motivation of all involved.