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How to Defuse the Fraud and Money Laundering Time Bomb Ticking in Translation

on Monday 13 October 2014 Written by Tomas Ignatavicius

In the upcoming FREE webinar tomorrow the 14th October 1PM, Today Translations Board Member David Clarke will be speaking about security threats in multilingual environment. If you would like to participate in the webinar – please follow the instructions on the webinar software screen below.

Speaker Biography


David Clarke is a Board Member responsible for translation security assurance and risk at Today Translations and a specialist in financial crime at Today Advisory Services. He is a former Detective Chief Superintendent serving in the UK, Middle East and Eastern Europe, leading international police operations as part of the United Nations Mission in Bosnia Herzegovina; former member of the UK government’s Fraud Review team, he was responsible for designing and delivering new counter-fraud services including the National Fraud Intelligence Bureau and Lead Force for Fraud.

History teaches us that when things go seriously wrong in the legal and financial world the effects can take Nations to the edge of the abyss and spell personal and economic disaster for citizens and organisations not protected. The scandals of sub-prime mortgages, Libor and Payment Protection Insurance (PPI) provide a sobering reminder of what happens when professionals don't follow the rules. This presentation exposes a risk that is often unseen - translation.

In his presentation, David will:

• Discuss the factors that contributed to recent financial scandals;
• Ask why scandals such as PPI went undetected for so long despite being identified a decade earlier.
• Highlight the nature of threat society faces from financial crime; and the new tougher enforcement approach being adopted by regulators.

He will then shed light on a major compliance risk that has had little or no coverage to date: The use of translation and interpreting to facilitate fraud and money laundering and misinform customers of their rights and obligations.
He will consider the potential scale of the problem and outline weaknesses in current practices in the professional services sector that poses a significant risk.

David advocates "drawing a line in the sand" and offers 5 steps to help regulated professionals to defuse the multilingual time bomb before it explodes into another major scandal.