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Using Banking to Tackle Colombia’s Cocaine Problem
June 9th, 2014
Late last month, during peace negotiations in Cuba, Colombia’s Marxist-Leninist rebel army organization, the Revolutionary Armed Forces of Colombia (also known as FARC) signed an agreement with the Colombia government to jointly combat illicit drugs. This is a relatively surprising accord, since many analysts believe FARC receives significant funding from this very trade. Estimates place FARC’s proceeds from the cocaine trade in Colombia around $500 to $600 million annually, mainly through a “tax” FARC places on coca farmers and their coordination of the cocaine smuggling networks. Under the agreement last month, however, FARC agreed that it would completely...
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HSBC Deferred Prosecution Agreement: The Caymans Connection
January 2nd, 2013
HSBC Bank USA N.A. and HSBC Bank Holdings plc, its parent company, agreed to forfeiture and penalties of a little more than $1.9 billion dollars for systemic and willful violations of U.S. anti-money laundering and foreign sanctions laws. $1.9 billion may sounds like a lot, but does the penalty fit the crime?
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Looking At Mexico's New Anti-Money Laundering Legislation
October 16th, 2012
Mexican President Felipe Calderon signed a bill, unanimously passed by the Senate, today aiming to crack down on money laundering that according to experts may account for at least $10 billion every year in Mexico, or as high as $50 billion, according to estimates from Global Financial Integrity. The bill prohibits the giving or accepting of cash payments greater than half a million pesos ($38,750) for real estate purchases, as well as forbidding cash transactions of more than 200,000 pesos ($15,500) for items such as cars, jewelry or lottery tickets.
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Pooja Rangraprasad of @SID_INT asks @ UN Tax Committee side-event why are taxing rights now on the agenda? Not due… https://t.co/gIa1911dMf
- Monday Jul 15 - 8:21pm

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