How governments are fighting illicit finance
Experts shine a light on the scale of financial crime, and explain what governments around the world can do to get a grip on the problem.
Source: globalgovernmentforum.com
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Anti-money laundering is a joke, says Charles Littrell, Inspector of Banks and Trusts for the Central Bank of the Bahamas
The fight against the washing of dirty money began with good intentions in 1989. Three decades later it is judged to be a massive failure.
Source: afr.com
The war against money-laundering is being lost
WhatsApp 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 pena...
Source: economist.com