This is a game that banks play when participating in money laundering activities. Banks know the law. ‘…The British bank HSBC will pay $1.26 billion to settle U.S. charges of laundering Mexican drug money and another $665 million for violating sanctions on Cuba, Iran, Libya, Sudan and Burma, U.S. authorities announced Tuesday…’
In an earlier posting, it was pointed out that banks normally consider a loss of 10 percent of the profits on such activities the price of doing business. This was an operation that had gone on for almost 20 years and the article mentioned some 20 billion dollars laundered. That is what they were able to track. No telling what they were not able to track.
Then you have to asked yourself, just where does this money go. I would argue that it goes to the agency that makes the charges stick. This like all such cases is settled with a fine and no one in the chain of command is held responsible.
It becomes understandable when you realize that we have a Wall Street lawyer as the Attorney General and on realizing the amount of money donated to the campaign coffers by Wall Street. HSBC fined for Cuba, other transactions
Bankers would argue that the money laundering laws are too complicated and you only need to google ‘money laundering seminars 2012’ and you come up with such stuff as Fraud & Anti – Money Laundering Seminar 2012 which points out ‘…Banks are facing a tidal wave of regulatory requirements and are increasingly under regulatory scrutiny. This seminar will provide an exclusive forum for participants to understand the AML framework and regulators view on various aspects of risk and compliance. The attendees will get a firsthand understanding of the proposed changes in the Anti Money laundering regulations in India and impact of revised FATF guidelines. They would also get an understanding the link between AML and fraud risks and the recent/new compliance requirements FATCA and Anti Bribery and corruption…’