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No, not really. It's a trade-off between putting the relationship at risk, and uncovering bad behavior on their part. For example, most or all (don't remember)
by azernik 10y ago
No, not really. It's a trade-off between putting the relationship at risk, and uncovering bad behavior on their part. For example, most or all (don't remember) of the 9/11 hijackers were from allied countries, and some states (notably Qatar and Kuwait) are extremely lax in preventing money from flowing through their banking system to terrorist groups.
- bogomipz 10y ago>".. and some states (notably Qatar and Kuwait) are extremely lax in preventing money from flowing through their banking system to terrorist groups." And the UK's HSBC has also been shown to be quite keen on doing business with terrorists and drug cartels: https://www.theguardian.com/business/2016/jul/11/hsbc-us-money-laundering-george-osborne-report https://www.theguardian.com/business/2016/jul/11/hsbc-us-mon... As did the U.S's Wachovia Bank - now part of Wells Fargo: https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs https://www.theguardian.com/world/2011/apr/03/us-bank-mexico... As did the U.S's Bank of America and Western Union: http://www.npr.org/sections/parallels/2014/03/20/291934724/awash-in-cash-drug-cartels-rely-on-big-banks-to-launder-profits http://www.npr.org/sections/parallels/2014/03/20/291934724/a...
- azernik 10y agoAnd we prosecute those banks. But our courts do not have jurisdiction in Qatar.
- bogomipz 10y agoNo the U.S does not, paying a fine is not the same as criminal prosecution. Nobody in any of those links I provided went to jail. A slap on the wrist fine is not prosecution at all, it is simply the "cost of doing business." And in the case of HSBC the decision was made to not to pursue the case, and it had nothing to do with jurisdiction. https://www.wsws.org/en/articles/2016/07/15/hsbc-j15.html https://www.wsws.org/en/articles/2016/07/15/hsbc-j15.html
- bigbugbag 10y agoDo you really ? AFAIK no one went to prison, those banks still exist today and still operate in the same way. In the best case scenario they are given a fine that's a fraction of the profit they made doing this. So the incentive is to keep at it unfazed and pay fines.
- bogomipz 10y agoIndeed and not only are these banks all still around and nobody has gone to jail but these U.S banks are actively lobbying Congress for an easing of the existing anti-money laundering regulations: http://www.reuters.com/article/us-usa-banks-moneylaundering-exclusive-idUSKBN15V1E9 http://www.reuters.com/article/us-usa-banks-moneylaundering-...