The LAPADA 100
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Understanding the 5th Anti-Money Laundering Directive.
We share our findings and present an introduction based on currently available literature and legislation.
Rising fraud and financial crime has given rise to new European legislation. The 5th Anti-Money Laundering Directive aims to bring greater levels of transparency to high-value transactions taking place within the Art World which is considered vulnerable.
As of 2018, global financial crime is estimated to account for 1.4 trillion in lost turnover, with 47% of businesses a victim of financial crime in the last 12 months. This is almost half in Western Europe at 49%.
Revealing the true cost of financial crime, Thomson Reuters, 2018
Fraud costs the UK economy £193 billion a year - equating to more than £6,000 lost per second every day.
UK Fraud Costs Measurement Committee, UKFCMC
You are now more likely to be a victim of fraud than any other type of crime.
Office for National Statistics, Crime in England and Wales: Year ending June 2018
Simple, fast and secure payments online or in-person via your phone, laptop or tablet.
II. ArcartaPay will be speaking at the annual LAPADA Conference at the House of Lords
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