Follow the headlines and you'll find an all too common story: the political winds shift, a leader is deposed and a fortune in dirty money is uncovered in a warren of offshore accounts. But why did no one stop the plundering sooner?
Calls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts.
Three intergovernmental groups are questioning the effectiveness of anti-money laundering controls meant to curb abuses of corrupt political figures who steal from their countries.
Foreign government officials with U.S. accounts are increasingly banking at smaller financial institutions that are vulnerable to financial abuse because of scant compliance resources, say analysts.
The Central Bank of Uruguay has issued an official list of politically-connected individuals in a wide variety of government or quasi-government positions to aid banks and law enforcement in due diligence and criminal investigations.
International efforts to combat corruption associated with the political elite are only now beginning to bear fruit, buoyed by maturing anti-money laundering programs, say compliance consultants.
print