Article: The war against money-laundering is being lost

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The war against money-laundering is being lost

The Economist, 12 April 2021

The global system for financial crime is hugely expensive and largely ineffective.

YET ANOTHER bank is preparing to face the music over alleged failings in its efforts to curb flows of dirty money. In the coming weeks NatWest, one of Britain’s largest lenders, is set to appear in court in London to respond to charges that it failed to properly scrutinise a gold-dealing client that deposited £365m ($502m) with the bank—£264m of it in cash. Continue reading “Article: The war against money-laundering is being lost”

Article: Britain’s NatWest bank faces money laundering charges

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Britain’s NatWest bank faces money laundering charges

Tom Wilson, Iain Withers, 16 March 2021

LONDON (Reuters) – Britain’s financial regulator has started a criminal action against NatWest over allegations it failed to detect suspicious activity by a customer depositing nearly 400 million pounds ($553 million) over five years, mostly in cash.

The action is the first such case against a British bank under a 2007 money laundering law. If convicted, the bank faces a maximum penalty of an unlimited fine.

The Financial Conduct Authority (FCA) said it was bringing the proceedings after NatWest’s systems failed to adequately monitor and scrutinise activity over an account held by a British customer between November 2011 and October 2016.

Around 365 million pounds was paid into the unnamed customer’s accounts, of which around 264 million pounds was in cash, the watchdog alleged.

NatWest had previously disclosed in its 2020 annual report an FCA investigation in relation to “certain money services businesses and related parties”.

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Article: Britain’s collusion with radical Islam: Interview with Mark Curtis

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Britain’s collusion with radical Islam: Interview with Mark Curtis

Ian Sinclair, 18 March 2018

A former Research Fellow at Chatham House and the ex-Director of the World Development Movement, British historian Mark Curtis has published several books on UK foreign policy, including 2003’s Web of Deceit: Britain’s Real Role in the World, endorsed by Noam Chomsky and John Pilger. Ian Sinclair asked Curtis about the recently published new edition of his 2010 book Secret Affairs: Britain’s Collusion with Radical Islam.

Ian Sinclair: With the so-called ‘war on terror’ the dominant framework for understanding Western foreign policy since 9/11, the central argument of your book – that Britain has been colluding with radical Islam for decades – will be a shock to many people. Can you give some examples?

Mark Curtis: UK governments – Conservative and Labour – have been colluding for decades with two sets of Islamist actors which have strong connections with each other.

In the first group are the major state sponsors of Islamist terrorism, the two most important of which are key British allies with whom London has long-standing strategic partnerships – Saudi Arabia and Pakistan. The second group includes extremist private movements and organisations whom Britain has worked alongside and sometimes trained and financed, in order to promote specific foreign policy objectives. The roots of this lie in divide and rule policies under colonialism but collusion of this type took off in Afghanistan in the 1980s, when Britain, along with the US, Saudi Arabia and Pakistan, covertly supported the resistance to defeat the Soviet occupation of the country. After the jihad in Afghanistan, Britain had private dealings of one kind or another with militants in various organisations, including Pakistan’s Harkat ul-Ansar, the Libyan Islamic Fighting Group and the Kosovo Liberation Army (KLA), all of which had strong links to Bin Laden’s al-Qaida. Covert actions have been undertaken with these and other forces in Central Asia, North Africa and Eastern Europe.

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Article: US fines Deutsche Bank, UBS and HSBC over market manipulation

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US fines Deutsche Bank, UBS and HSBC over market manipulation

Agence France-Presse, 30 January 2018

US authorities on Monday announced fines and charges against three major European banks and eight individuals accused of manipulating futures markets for precious metals.

Deutsche Bank, UBS and HSBC will together pay a total of $46.6 million to settle allegations that traders at the banks worked to manipulate futures markets in precious metals through a process known as “spoofing,” the Justice Department and Commodity Futures Trading Commission said.Seven former traders, including ex-UBS trader Andre Flotron, who was indicted last year, as well as a technology consultant, also face charges of “spoofing” — in which traders place and then abort trades to manipulate prices — on markets for various precious metals including gold and silver between early 2008 and about 2014. Continue reading “Article: US fines Deutsche Bank, UBS and HSBC over market manipulation”

Article: Deutsche Bank hit with spoofing fine by US Justice Department

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Deutsche Bank hit with spoofing fine by US Justice Department

Deutsche Welle, 29 January 2018

US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it’d be bad for its already soured image. Continue reading “Article: Deutsche Bank hit with spoofing fine by US Justice Department”

Article: UK denies collusion with terror suspect torture

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UK denies collusion with terror suspect torture

David Milliken, 09 August 2009

LONDON (Reuters) – Britain said its security services worked to avoid colluding in mistreatment of terrorism suspects held overseas, after a report from lawmakers on Sunday expressed concern about cooperation with foreign intelligence agencies.

Foreign Minister David Miliband and Interior Minister Alan Johnson defended Britain’s intelligence links with countries where detainees are at risk of torture or other abuse in a joint newspaper article.

“All the most serious plots and attacks in the UK in this decade have had significant links abroad. Our agencies must work with their equivalents overseas. So we have to work hard to ensure that we do not collude in torture or mistreatment,” the ministers wrote in the Sunday Telegraph. Continue reading “Article: UK denies collusion with terror suspect torture”