He discussed transformations leadership and authentic leadership, whether they were good models and could they be applied to banking.
In the past banks were part of the community, run by people who were not necessarily true leaders. As the banks became more commercial the role of the bank manager changed and the need for stronger leaders became more apparent.
Good leadership requires both virtue and skill, good purpose, an understanding of social structure and practises. In a banking context they had to understand the actual true meaning of banking.
He asked the question ‘What is leadership for?’ and concluded it depends on the environment your in. Text book leadership rarely transfers from business to business.
There was a lively discussion about what went wrong with the banking industry and the difference between individual leadership and corporate leadership.
Money laundering is fundamentally unethical, Professor Jackie Harvey explained, money is criminally acquired, then deposited into financial accounts and extracted again. Prof Harvey’s research covers, understanding the reasons for the approach to anti-money laundering and unpicking the figures behind the narrative in her presentation called: ‘Using cannons to shoot mosquitoes: the question of proportionality and the risk-based approach to anti-money laundering’
She considered the justification (or otherwise) for the risk-based approach and examined the risk- based appeal in terms of proportionality.
Jackie gave an overview of the reality of compliance for individual institutions and how there needs to be a global regime of enforcement. The proportional approach means to carefully consider how to bring in new tough laws to combat crime, whilst limiting the effect on the innocent.
Research shows that the threat level has been exaggerated to justify the cost of tackling the issues. The very nature of criminal activity makes it virtually impossible to accurately predict how much is being laundered.
Compliant countries have had to implement a wrath of measures against money laundering which affect legitimate business. There are differences across the globe on how it is implemented.
Once again we were joined by students from Emmanuel College who actively contributed to the question and answer session.