Financial Transparency Coalition

Two pieces of pretty good news about anti-money laundering enforcement came out of HSBC this week. You might recall that earlier this year, a U.S. Senate investigation uncovered incredibly lax money laundering enforcement at the bank, including close ties to organized crime.

Since 1979, but particularly after the invasion of Iran by Iraq, the United States has imposed sanctions against Iran. Whether or not those sanctions are justified or sufficient is not up for discussion, but rather the integrity of American laws and decisions is. Standard Chartered, ING, and HSBC have been circumventing American laws and foreign policy decisions through their lack of transparency and the deliberate lapse of any and all anti-money laundering systems. Although it is normal to automatically place the blame on the banks, perhaps the blame needs to be distributed in a more representative manner. It is true...

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.

Following Several, Recent, High-Profile Cases Against International Banks for Violating U.S. Sanctions Against Iran, the Iranian Rial Lost 60% of its Value against the U.S. Dollar Last Week. Could There Be A Connection?