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HSBC, Panama: “Exit, stage right”
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.
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One Thing We Learned from the U.S. Senate's Too Big To Jail Hearing Yesterday
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.
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Congress must end 'too big to jail'
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.
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