Organized Crime Has Become the Bankers’ Best Friend

Rowan Bosworth-Davies wrote a great piece on his Rowans Blog site about how organized crime has become the banker’s best friend.

At a time of significant financial crisis, banks are always looking for ways to maintain their profit margins and encourage inward deposit-taking.
Despite stringent anti-money laundering laws, in the UK, but also elsewhere in Europe and the USA, banks still manage to attract and process billions of dollars worth of criminal money in the UK, without being subjected to any meaningful intervention from the regulatory agencies.
I can only conclude from this that the UK Government is content to allow banks in the UK to use criminal money as a means of bolstering their capital adequacy requirements, but without asking any awkward questions.
I know this is a scandalous thing to assert, but it is the only conclusion that I can genuinely reach, based on the evidence before me.

Read more here

Rowan Bosworth-Davies is one of Great Britain’s foremost authorities on white collar crime having spent his career as both as a Scotland Yard detective and as a legal consultant.  He now works with financial institutions advising them on the best way to provide compliance with the plethora of conflicting regulations and laws designed to prevent and forestall money laundering.   His blog aims to provide a venue for discussion on these issues, because as he puts it, “most of these subjects are so surrounded by disinformation and downright intellectual dishonesty, an alternative mouthpiece is predicated.”

 

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