Indeed, in a landmark investigation three years ago, Hong Kong's ICAC arrested an HSBC manager for advising clients on how to launder money. And last June, a special task force set up by the Group of Seven nations began naming and shaming countries into adopting stricter money laundering legislation. Several countries in Asia, such as Hong Kong and Singapore, already have strong laws in place. But others remain on the blacklist, like the Philippines, or are identified as problem countries, like Korea and Malaysia. As fraud starts to jump across borders, relying on governments is wrong.
Businesses have to police themselves.
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