March 12th, 2013
according to Jonathan Guthrie of the Financial Times, in discussing the decision of HSBC to close down its operations in Panama (Corruption Perceptions Index score in 2012: 38 out of 100). The decision was purportedly to increase profits – but maybe not in the way one would expect.
March 8th, 2013
Yesterday, the U.S. Senate Banking Committee held a hearing titled, "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement." The committee called three regulators to testify: David Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury; Thomas Curry, Comptroller, Office of the Comptroller of the Currency (OCC); and Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System.
March 7th, 2013
Today, a Senate Banking Committee hearing will examine the extent, causes, and consequences of banks’ failure to adhere to anti-money laundering laws, and the laxity of regulators who are meant to keep the banks in line.
The hearing – entitled “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement” – follows a string of banking scandals that have raised serious questions about financial institutions’ compliance with anti-money laundering rules. Illicit flows of money through the financial system have been linked to corruption, international drug trafficking organizations, terrorist groups and sanctioned nations.