26 Sep 2016
Governments worldwide should pass new laws to facilitate the sharing of information between themselves and the private sector in order to better combat financial crime, HSBC’s top lawyer told a banking conference in Geneva on Monday.
“Put simply, the way we do financial crime compliance is outdated,” Stuart Levey, chief legal officer at HSBC (HSBA.L) told the annual Sibos financial conference.
Levey, who was under secretary for terrorism and financial intelligence at the U.S. treasury department from 2004 to 2011, called on the inter-governmental Financial Action Task Force (FATF) to set far-reaching global standards to help banks share information with governments and vice-versa.
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