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Getting serious on banks that take dictators’ loot
April 6th, 2012
Last week Coutts, banker to the Queen, was fined £8.75 million for failing to take corruption risk seriously enough. The Financial Services Authority (FSA) found problems with over 70 percent of the client files they reviewed; in some cases, allegations that customers were involved in looting state funds were brushed aside by bankers keen to increase the bank’s profits - and presumably their own bonuses.
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