Financial Transparency Coalition

I read an article from The Wall Street Journal (WSJ) today detailing the settlement of charges by United States and New York prosecutors against UK-based Barclays PLC for accepting money from sanctioned countries. The bank was accused of concealing the origins of and then accepting money from Cuba, Libya, Iran and other sanctioned countries whose money may not legally enter the United States.

According to U.S. prosecutors, Barclays followed instructions from foreign banks to omit their names from payment messages. Barclays also routed certain payments through an internal account so they would appear to be coming from...

Yesterday, it was announced that Barclays PLC would pay the U.S. Government $298 million to settle a case charging the British bank with blatantly disregarding U.S. sanctions against countries such as Burma, Cuba, Iran, Libya, and Sudan. In doing so, the bank both accepted and acknowledged the charges made against it, and—according to the The Wall Street Journal—took full "responsibility for its conduct and that of its employees." The details of the case are fairly disturbing, highlighting a culture of complete disregard for U.S. regulations. The Journal reports:

U.S. officials said the bank altered payment messages or...

Sen. Levin Calls For Tax Haven Sanctions In Run-up To G-20.

U.S. Sen. Carl Levin of Michigan wants the U.S. to propose stiff sanctions at this month’s G-20 economic summit for banks and countries that harbor the assets of tax evaders.

In a Tuesday letter to President Obama, Levin said the U.S. should seek Group of 20 approval of sanctions for tax havens, including prohibiting G-20 banks from doing business with financial institutions that are found to be impeding tax enforcement.

EVIAN, France (AP) -- The leaders of France and Britain pushed Monday for ambitious targets for tackling climate change and cracking down on uncooperative tax havens, ahead of upcoming meetings with other heads of state this week and in September.