WASHINGTON, DC – In response to news today that British bank Standard Chartered PLC settled money laundering allegations with New York regulators by agreeing to pay $340 million in fines and submitting to monitoring, Heather Lowe, legal counsel and director of Government Affairs at Global Financial Integrity, released the following statement.
WASHINGTON, DC – The allegations levied yesterday by the New York State Department of Financial Services against British banking giant Standard Chartered demonstrate a systemic, widespread pattern of disregard for anti-money laundering policies at one of the world’s biggest banks, according to Global Financial Integrity, a Washington, DC-based research and advocacy organization.
LONDON / WASHINGTON – U.S. District Judge Patrick J. Schiltz of Minnesota is an educated man. He earned his law degree from Harvard, won a coveted clerkship for Supreme Court Justice Antonin Scalia and taught the law for more than a decade before joining the bench in 2006.But when Wells Fargo, the retail banking giant, and the U.S. Justice Department squared off in his courtroom last year over the legality of a fiendishly complicated tax scheme known as “STARS,’’ even Schiltz quickly realized he was not equipped to parse the facts.“I fear I may finally have met my match,”...
Congratulations to Professor Prem Sikka, a senior adviser to the Tax Justice Network, for his extraordinary success on the case of Bank of Credit and Commerce International (BCCI). Information on the investigation into BCCI, that was previously withheld from the public by the UK government, has now been released. Prem has fought a legal battle for five years so that missing information in the "Sandstorm Report" could be made publicly available.
The case of BCCI, (referred to by many as "Bank of Crooks and Commerce International"), is possibly the biggest banking fraud in history. BCCI is a story of massive-scale Continue Reading