Organized crime uses banks to launder moneydespite the efforts of these institutions to stop the flow of money obtained from illegal activities.
Some banks are designated by nearly unsuccessful efforts to stop money launderingfor which they are penalized with millions in amounts, but without forcing them to make adjustments.
The banks that led the sanctions are: 1) the French BNP Paribas; 2) the swiss UBS; the americans 3) Goldman Sachs and 4) JPMorgan Chaseas well as the English 5) HSBC and 6) Standard Chartered.
Last year, for example, global fines for failing to prevent money laundering and other financial crimes increased by more than 50 percent.
Banks and other financial institutions faced fines of nearly $5,000 million dollars for violations in the fight against money launderingviolate sanctions and failures in their systems to know the customer.
This is revealed by the firm Fenergo, which follows the sanctions on banks, which receive fines several years after the violations.
“There is a lot of evidence, particularly in the UK and the US, in terms of recidivism,” Huw McCartney, a professor at the University of Birmingham, told the Financial Times.
Cartney is also a co-author of a 2019 study on the impact of fines and their effect against money laundering.
Dennis Kelleher, executive director of Washington-based financial reform advocacy group Better Markets, expressed skepticism about the impact of the fines.
“No matter how large the fines, they do not punish and do not deter“, he exposed.
Added fine payments are minimal, compared to the income and profits of banks.
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Source: La Opinion