The western world is “failing” to curb money laundering and corruption in the developing world, a banking expert has said.

Speaking at a hearing in the European Parliament in Brussels on 19 March, Raymond W Baker, director of Global Finance Integrity, an international organisation that aims to eradicate the illicit cross-border flow of illegal money, said that despite intentions, instances of illegal money-flow “is continuing to rise.”

“We are not succeed...

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