New York has managed to take back its rights to call itself the leader of the world’s financial center from London where Brexit is looming like a dark cloud of uncertainty over the UK economy.
New York, however, has to know that Hong Kong is hot on their tail & they should be worried in case they want to plan on keeping the title of the world’s financial center. As stated by the latest Global Regulatory Outlook survey conducted on senior financial executives, around 52% of the participants viewed New York as the world’s leading financial center, which is an increase of 10% from 2018.
The results show a total of 36% of the participants as the leading global financial hotspot, which is a decrease of 17% from 2018.
When the participants were asked if they thought that New York will be able to maintain it’s placed as the world’s top financial spot, the percentage drooped to 44% & 21% of the participants said that London will take over the spot.
A total of 12% of people said that Hong Kong will manage to take the title of the world’s leading financial spot by the year 2024, which is an increase of 3% when compared to 2018.
The other points found through the GRO survey are:
•Although most of the companies claimed to be effective at anti-money laundering, 30% of the respondents rated that a minimum of their anti-money laundering measures is not effective at all or is unsatisfactory.
•Close of one-fourth of the firms rated themselves in the lower spectrum in their internalized audit of anti-money laundering risks, which is a very important component of anti-money laundering risk management.
•A total of 3 out of 4 top four technological concerns for the companies involve data.
•Even though a huge majority of the participants agreed on whistleblowing programs should be made mandatory, around one-fourth of the total companies are yet to develop a whistleblower program.