Tag Archives | money laundering

Shelving the shells

From one corruption fighting organisation to another, hats off to Global Witness. Founder Charmian Gooch and her colleagues have been recognised for their stellar efforts to highlight the damage done by corrupt practices in the extractives sector. In her award winning TED talk, Gooch highlighted the role of ‘the facilitators’ – global banks and global […]

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Russian money: too big to sanction?

As the Crimea crisis has developed, there have been calls to freeze Russian and Ukrainian assets in the UK. Russian money is unusual for two reasons. First, the sheer volume. Secondly, because there have been persistent allegations that a substantial proportion of it is dirty money – gained through organised crime and corruption in a […]

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Anti-corruption: charting a path for the future

What does the future hold for the fight against corruption? Recently, three books have been written seeking to answer this question, helping to plot the course of the anti-corruption movement for the years to come. Laurence Cockcroft: Global Corruption: Money, Power, and Ethics in the Modern World One of the co-founders of Transparency International, Laurence […]

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It’s the Oversight, Stupid

The arrest in China of four GlaxoSmithKline executives on charges of bribery highlights an important reality that companies ignore at their peril. As we have seen in other areas, most notably in financial crime or money laundering, the ways and means of committing a criminal act can and do evolve. A trench-coated operative wearing dark […]

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G8: It’s time for action on money laundering

The UK Government has announced that transparency and anti-corruption will be key elements at the G8 summit this year. Much needed action on money laundering provides an opportunity to live up to that promise. Corrupt money flows through the UK – in particular through our financial services industry. Nobody knows how much, but it is […]

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Money laundering – are BVI leaks a game changer?

Reposted from Transparency International UK The recent leaks of information about who actually owns the companies registered in the British Virgin Islands (BVI) offer a first glimpse for many people into this very murky world. For years, small amounts of information have trickled out – often through court cases – that indicate these so-called secrecy […]

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The banks of Cyprus and the pursuit of integrity

The bail out of the troubled banking sector in Cyprus has taken on serious political overtones as the crisis deepens. During the past few weeks Cyprus has been accused of failing to combat money laundering and fraud and that Russian oligarchs seek refuge for their money in this “tax haven” country. Now the strongest members […]

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One Thing We Learned from the U.S. Senate’s Too Big To Jail Hearing

Reposted from the blog of the Task Force on Financial Integrity & Economic Development Last week, 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 […]

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HSBC, Panama: “Exit, stage right”

The moral relativism that traditionally infects multinationals in hot, corrupt countries is going out of style.”  This is 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 […]

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Cyprus: a chance to strengthen its fight against money laundering

The issue of whether or not to bail out the troubled banking sector in Cyprus has taken on serious political overtones as the crisis deepens. During the past few weeks Cyprus has been accused of failing to combat money laundering and fraud and that Russian oligarchs seek refuge for their money in this “tax haven” […]

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