Foreign news: End of cash will not end ATMs, UK talks tough on money launderers' advisers, five go t
While cash use may be declining in many developed economies, the future of the 3.8 million ATMs currently in use globally will not be dependent on cash, reports FT.com. As many as 200 different functions can be carried out by ATMs, including paying bills, making charity donations, and paying taxes while, so-called "robo-branches" will soon replace traditional High Street banks as lenders reduce the need for human tellers. Cash machines are also being used by NGOs to dispense aid to refugees, using iris-scanning technology to ensure the relief reaches the most needy. The number of ATMs is therefore expected to rise to 4.3 million by 2020. The number of fines handed out by British authorities for money laundering and terrorist financing rule breaches has fallen 20 per cent in the last year, according to anti-money laundering and big data specialist firm Fortytwo Data. The firm, drawing on data compiled from the UK's AML and "combating the financing of terrorism" supervisors, as well as 22 legal and accountancy professional body supervisors, said tougher enforcement delivered "a wake-up call" to professionals, including "lawyers, accountants and those in the gambling industry". Accountants have bucked this decline, with a spike in the number fined or expelled from professional bodies for breaching AML rules. Despite sanctions applied against individuals, at least £90 billion in criminal proceeds is believed to be laundered in the UK annually, according to the National Crime Agency. Five former Barclays and Deutsche traders are on trial in London for conspiracy to defraud. The five (including one former Barclay's trader who did not turn up for the trial) face charges for allegedly conspiring to rig the Euribor interbank trading rate between 2005 and 2009. A sixth defendant, Deutsche star trader Christian Bittar, pleaded guilty last month, reports the FT. As the trial got underway, counsel for the Serious Fraud Office, James Waddington, drew an analogy with the Australian cricket team, caught cheating even though they "already possessed one of the best bowling attacks" in the world.