Sanctions-Busting

Stephen Platt

Chapter 9 in Criminal Capital, 2015, pp 153-169 from Palgrave Macmillan

Abstract: Abstract In the past few years, fines and settlements totalling around $11.5 billion have been paid out by a number of global banks for skirting sanctions regimes. Whilst this activity does not earn the label of money laundering or facilitate crime in the same way that, say, bribery and tax evasion do, the extent of this practice in major financial institutions has been uncovered in a number of large-scale investigations over recent years. As is the case with excessive risk taking and mis-selling of financial products, the sorts of failures in mechanisms to prevent and deter this kind of activity are also common to both money laundering and the facilitation of crime.

Keywords: Financial Institution; Money Laundering; Standard Charter; Financial Service Provider; Excessive Risk Taking (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-33730-6_9

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DOI: 10.1057/9781137337306_9

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