Lawyer Jacob Frenkel Quoted in the Canadian Lawyer Article, “Enforcement lacking in anti-money-laundering efforts”
Want to get our alerts?
Click “Subscribe Now” to get attorney insights on the latest developments in a range of services and industries.
Washington, D.C. Lawyer Jacob Frenkel was quoted in the Canadian Lawyer article titled, “Enforcement lacking in anti-money-laundering efforts”.
The piece analyzes Canada’s lenient track record regarding investigations and prosecutions of financial crimes including money laundering. It also discusses Canada’s lack of political means to invest in the resources needed to investigate these types of crimes versus the United States.
"Canada's challenge is to balance even what international regulators recognize as an open and stable Western economy and accessible financial system with responding to the vulnerabilities that attach to money laundering threats," says Mr. Frenkel. "There are areas in money laundering enforcement where even the United States is viewed as technically non-compliant with aspirational international standards. No system is perfect."
Frenkel states, "There has to be a commitment and desire on the part of law enforcement officials to decide in what areas it wishes to prioritize and send deterrent messages".
To read the article, please click here.
The piece analyzes Canada’s lenient track record regarding investigations and prosecutions of financial crimes including money laundering. It also discusses Canada’s lack of political means to invest in the resources needed to investigate these types of crimes versus the United States.
"Canada's challenge is to balance even what international regulators recognize as an open and stable Western economy and accessible financial system with responding to the vulnerabilities that attach to money laundering threats," says Mr. Frenkel. "There are areas in money laundering enforcement where even the United States is viewed as technically non-compliant with aspirational international standards. No system is perfect."
Frenkel states, "There has to be a commitment and desire on the part of law enforcement officials to decide in what areas it wishes to prioritize and send deterrent messages".
To read the article, please click here.
