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*The assertion talked about within the video:
https://www.fincen.gov/information/news-releases/statement-fincen-regarding-unlawfully-disclosed-suspicious-activity-reports
**The BuzzFeedNews article talked about:
https://www.buzzfeednews.com/article/anthonycormier/hsbc-money-laundering-drug-cartels
THE SCRIPT:
Banks play a vital position in serving to criminals cover their cash. For years, scammers, ponzi schemes, and drug cartels have been utilizing worldwide banks with questionable enterprise practices to launder their cash.
These shady people sometimes search for banks which have mismanaged anti-fraud and anti-money laundering items. Most banks have these applications, particularly in the event that they need to do enterprise in international locations equivalent to america, Canada, the UK, and Germany. Actually, a G7 initiative referred to as the Monetary Motion Job Drive is chargeable for most of the laws that banks need to comply with as a way to fight cash laundering. Created in 1989, this activity power laid out quite a few laws that member states needed to implement, and banks needed to comply with.
Nevertheless, as with many worldwide agreements, what appears good on paper, typically doesn’t come out properly in actuality.
Whereas member states are required to implement the laws, there may be wiggle room relying on a rustic’s state of affairs and constitutional framework. Lots of the insurance policies additionally require the banks themselves to observe their very own transactions. Unethical banks can typically simply look the opposite method, even after they know transactions are coming from unlawful sources.
After which there’s the issue of enforcement, which is difficult when banks are multinational companies. If it’s discovered {that a} financial institution is violating one nation’s legal guidelines, that nation must cost the group with against the law, or challenge the financial institution a high quality. Typically, nation’s need to keep away from legal prosecution due to the difficult diplomatic traces between nations. The results of that is that many banks view fines as a slap on the wrist, and so they actually aren’t incentivized to truly make any adjustments.
From the financial institution’s perspective, they’ll carry extra money in by serving account holders indiscriminately. They’ll keep away from the heavy price of analyzing each single transaction and having cash laundering items which might be really outfitted to do their jobs successfully. Then, if it occurs to be found that one in every of their account holders is appearing illegally, they’ll simply say “oops, we didn’t know” and pay the high quality, which is often small compared to the revenue that servicing these prospects brings in.
All in all, combating cash laundering on a world scale is a difficult job. Banks aren’t incentivized to behave ethically, and governments are kind of powerless to cease them.
One unbelievable instance of this downside might be discovered when inspecting multinational financial institution HSBC.
SOURCES:
https://docs.google.com/doc/d/1HUE46s9GiwHpcaDP-wbdnhCATPYaN1FYUt3XUrHGD6Y/edit?usp=sharing
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SOME OTHER GREAT YOUTUBE CHANNELS:
JAKE TRAN: https://www.youtube.com/channel/UCoOjH8D2XAgjzQlneM2W0EQ
JAMES JANI: https://www.youtube.com/channel/UCT0dmfFCLWuVKPWZ6wcdKyg
BUSINESS CASUAL:
https://www.youtube.com/channel/UC_E4px0RST-qFwXLJWBav8Q
ECONOMICS EXPLAINED:
https://www.youtube.com/person/JitaLounge
GRAHAM STEPHAN: https://www.youtube.com/c/GrahamStephan
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