It wasn’t until Ali tried to sell the cooking gas canister he had stolen from his parents’ stove that he realised it was drugs that were consuming him – not the other way around. The 27-year-old Iraqi had already sold his mobile phone, chairs, bed, even the very mattress he slept on to buy just a few more grams of crystal meth. The last item left was this battered canister, but even that wouldn’t fetch enough to cover the cost of a fix. Feverish.
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YET ANOTHER bank is preparing to face the music over alleged failings in its efforts to curb flows of dirty money. In the coming weeks NatWest, one of Britain’s largest lenders, is set to appear in court in London to respond to charges that it failed to properly scrutinise a gold-dealing client that deposited £365m ($502m) with the bank £264m of it in cash.
NatWest (which has said it is co-operating with the investigation) is the latest in a long line of banks to be accused of falling short in the fight against dirty money. Last year global lenders were hit with $10.4bn in penalties for money-laundering violations, an increase of more than 80% on 2019, according to Fenergo, a compliance-software firm. In January Capital One, an American bank, was fined $390m for failing to report thousands of suspicious transactions. Danske Bank is still dealing with the fallout of a scandal that erupted in 2018. Over $200bn of potentially dirty money was washed through the Danish lend
The Pointless Burden Of Anti-Money Laundering Laws
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Back in 2010, I narrated this video on money laundering for the Center for Freedom and Prosperity, mostly to help people understand that governments are imposing huge costs on both industry and consumers without any offsetting benefits (such as reductions in crime).
As you can tell from the video, I’m not a big fan of anti-money laundering (AML) laws and know-your-customer (KYC) regulations.
And in the 11-plus years since the video was released, I’ve shared lots of additional data about the costly futility of the government anti-money laundering laws and regulations.
EFCC and Other Regulatory Agencies Powers to Enforce Declaration of Assets (Part 3) thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
On March 3, Sarah Everand was kidnapped and killed while walking home in South London. I can’t imagine the anxiety Everand felt when walking home alone, or how she felt when she was approached by Wayne Couzens, a London police officer of the Metropolitan Police’s protection command. Couzens, who was on a specific protection police.