Oops! Treasury misses several big banks illegally laundering money through Iran

Categorized | STOP FORECLOSURE FRAUD

Oops! Treasury misses several big banks illegally laundering money through Iran

Oops! Treasury misses several big banks illegally laundering money through Iran

FDL- David Dayen

I think what we’ve learned by now is that every international bank in the world violated US anti-money laundering guidelines, specifically when it came to doing business with countries barred by sanctions. Royal Bank of Scotland is only the latest, and you can add it to the growing list of firms we know engaged in this, including Standard Chartered, Wells Fargo, Citi, Deutsche Bank, HSBC, Germany’s Commerzbank, Japan’s Sumitomo Mitsui Financial Group, Holland’s ING Direct and more.

Federal authorities in the US are investigating Royal Bank of Scotland for possible breaches of Iran sanctions in a probe that has already led to the departure of a senior risk manager.

The UK bank is being probed by the Federal Reserve and Department of Justice after volunteering information to them and UK regulators about 18 months ago, several people close to the situation said.

The bank uncovered the alleged failings after chief executive Stephen Hester initiated an internal review not long after his arrival three years ago.

We don’t have to limit this to banks, actually. Hewlett-Packard, Cisco and Sun Microsystems all did business with Iran in violation of formal sanctions, over a multi-year period.

[FIRE DOG LAKE]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8690 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

2 Responses to “Oops! Treasury misses several big banks illegally laundering money through Iran”

  1. Charles Reed says:

    Is there not a crime Wells Fargo Bank is not involved in?

  2. Charles Reed says:

    Now would the same guy who knew since 2008 that the LiBOR was rigged? Would this be the same guy that let banks go wild under his regulator authority and paid Goldman and other CDS 100% on the dollar. How does Sec. Geithner still have a job? Must be some good picture he got hid on the President!

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives