How To Hinder Money Laundering
How To Halt The Terrorist Money Train -- Robert Mazur, New York Times
LAST month, HSBC admitted in court pleadings that it had allowed big Mexican and Colombian drug cartels to launder at least $881 million. The bank also admitted to using various schemes to move hundreds of millions of dollars to nations subject to trade sanctions, including Iran, Cuba and Sudan, in violation of the Trading With the Enemy Act. “On at least one occasion,” according to a statement by Assistant Attorney General Lanny A. Breuer, “HSBC instructed a bank in Iran on how to format payment messages so that the transactions would not be blocked or rejected by the United States.”
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My Comment: I agree with Robert Mazur's solution ... putting bankers in jail for long periods of time (plus heavy fines) will severely hinder this trade.
Categories:
money laundering
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