Follow the proliferation money

By M. Ruehsen, Leonard S. Spector | September 1, 2015

Countering proliferation financing has become an important tool in combating the movement of prohibited nuclear technology and the development of suspect nuclear programs in rogue states. Governments are increasingly calling on financial institutions, manufacturers, and shipping companies to act as the first line of defense by conducting enhanced due diligence on transactions that involve dual-use items or countries or individuals under sanction. This article outlines some of the ways that companies can do so. The financial community takes enhanced due diligence seriously, not least because regulators have in the past imposed fines in the billions of dollars on banks in violation of the rules. While detection of potentially illicit transactions has improved in recent years, the authors argue that there remains room for improvement. The manufacturing sector, for instance, should adopt stricter measures in the effort to combat proliferation financing.

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