Comments are off for this post

Huge Pools of Dirty Money Are Europe’s Worst-Kept Banking Secret

BloombergQuint, March 14, 2019, by Alan Katz.

(Bloomberg Businessweek) — The dirty money scandals pouring out of Europe may seem like déjà vu. A crackdown on illicit cash made a big splash in the first half of this decade: HSBC Holdings Plc was fined $1.9 billion in 2012 for handling funds from drug traffickers, terror groups, and Washington-sanctioned nations such as Iran; in 2014, BNP Paribas SA had to pay almost $9 billion for dealing with Iran and other countries deemed pariahs by the U.S., such as Cuba and Sudan; and in 2015, Commerzbank AG had to hand over $1.45 billion in fines to U.S. regulators for processing transactions with some of those same countries. [……]

Read the full article here