Banks and the Global Laundromat by GossipMantri.com

0
38

© GossipMantri.com

By Geoffrey Smith

GossipMantri.com – Banks and regulators lose fight against money laundering.

Data leaked by the US Treasury’s Financial Crimes Enforcement Network painted a picture of banks overwhelmed by the sheer volume of potentially suspicious transfers, without the resources or willingness to tackle the problem in depth.

According to figures from the United Nations Office on Drugs and Crime, the amount of money laundered each year in the world is estimated at 2% to 5% of global GDP, or up to $ 2 trillion in absolute value. American Banker magazine noted that the system catches only 1%.

While much of the information released was largely historical, it once again drove the names of a handful of major banks into the mud.

US and EU lawmakers are considering ways to improve their respective regimes: Congress is reviewing the Illicit Cash Act, which would give banks more power to know the identities of the people behind the myriad of shell companies through which l the money is laundered. The EU, meanwhile, is considering transferring anti-money laundering oversight to a new EU regulator who would hopefully be better able to catch criminals than overworked surveillance staff and sometimes compromises of small EU states.
2:25

Whether either will ever provide an effective defense against global organized crime is another question, however.

Warning: Fusion Media reminds you that the data contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but rather by market makers, so prices may not be precise and may differ from the actual market price. , which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may suffer as a result of the use of this data.

Fusion Media or anyone involved in Fusion Media will not accept any responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics, and buy / sell signals contained in this website. Be fully informed about the risks and costs involved in trading in the financial markets, it is one of the riskiest forms of GossipMantri possible.

LEAVE A REPLY

Please enter your comment!
Please enter your name here