Monday, 21 September 2020

ok looter

Via Pluralistic, we are familiarised with the latest development in a series of leaks over the past few years since the Great Recession that have served to expose the endemic financial crime and money laundering and through such accommodation and facilitation have negated efforts to stop bad actors through sanction and freezing accounts.

Warnings issued and ignored from the international banking system’s own internal watch-dog mechanism for flagging suspicious behaviour, FinCEN (the US Financial Crimes Enforcement Network) and counterparts, were routinely ignored, thus depriving and de-fanging governments from efforts at enforcement and combatting fraud. Oligarchs, mobsters and criminal cartels are the beneficiaries from such lax oversight.