Quote of the day - money laundering
"The only way to stop the flow of this dirty money is to get tough on the bankers who help mask and transfer it around the world. Banks themselves don’t launder money, after all; people do."We would quibble with his use of the words 'the only way' since we think a multi-faceted approach is appropriate. But we would agree powerfully with his conclusion that this approach is absolutely, fundamentally necessary. That really would put a serious dent in the problem. Global Witness said something similar recently:
"Senior HSBC bankers need to face jail for their bank’s role in laundering drugs money; fining the bank won’t work."It is the power of the finance lobby that is preventing this much-needed step from being widely used. And some banks, as the HSBC case shows, have become Too Big To Jail.
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