A couple of recent examples: The list of global banks that have been accused in recent years of laundering foreign transactions totaling billions of dollars has been growing — Credit Suisse, Lloyds, Barclays, ING, HSBC — and now Standard Chartered.
The bank admitted to "past mistakes", which include laundering drugs-money transactions through its Mexican division.
Cash is also anonymous; it is also used in money laundering and illegal transactions.
The fine was imposed for "repeated violations" of money laundering rules and "transactions that subjected the bank to a significant money laundering risk", said Eric Shannon, representing the club owner, Owen Oyston, and his son Karl, the chairman, and their company Segesta Limited.
You'll recall that Devine was charged last week with 32 counts of crimes such as wire fraud, money laundering, and money transactions in criminally deprived property.
A fine by New York's banking regulator on Standard Chartered for lax anti-money laundering controls on transactions with Iran hig h lighted competition between U.S. regulators.
Justice Department documents show that Libya had worked with Swiss banks to launder international banking transactions for years, with "hundreds" of senior Libyan officials allowed to surreptitiously move money.
Gaddafi allegedly worked for years with Swiss banks to launder international banking transactions.
Another crime often associated with money laundering is structuring cash transactions in such a way as to avoid reporting requirements — that is, making successive cash transactions in amounts just shy of $10,000.
The recent mass hack was an effort to collect digital ransom via bitcoin (a monetary solution in search of a problem that central bankers could shut down overnight if they had the nerve. Bitcoin's main legitimate use seems to be illegitimate transactions, money laundering and speculation — a related topic for another day).
