exercise, of transfers being received from places such as Mexico and the like! It has led us to this situation of ” money laundering” and the eventually penalties we now see being imposed on the banks.
It was not until 1986 that ” The Money Laundering Control Act ” was passed and became a criminal act, but only covered transactions that prohibited individuals engaging in acts that would were classed as unlawful. In such as to profit from their actions!
This act left open a door that still needs closing,in that it went onto say – Moreover, a “financial transaction” has been broadly defined, and need not involve a financial institution, or even a business.By this simple few words it left open this door to the type of breaches in how money is transacted and how easily banks have been able to circumvent the system and the law!
- JPMorgan Complicit In Vatican Bank Money-Laundering (silverdoctors.com)
- HSBC to set aside £600m to cover mis-selling and money laundering scandals (telegraph.co.uk)
- HSBC to apologise for money laundering (aljazeera.com)