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Uk Banks Have Been Moving Money Illegally To Avoid U.s Law On Sanctioned Countries

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http://online.wsj.com/article/SB10001424052748703431604575468094090700862.html?mod=WSJ_hps_MIDDLEFifthNews

A black-market financial investigation spreading from Iran to Sudan, London and Cuba began in a cluttered fifth-floor cubicle in an old-school district attorney's office in Manhattan featuring dark corridors and frosted glass.

There, an intelligence analyst named Eitan Arusy began studying a slim lead. Suspicious money was flowing to and from an Iranian nonprofit operating in a Fifth Avenue office tower in Midtown Manhattan. Mr. Arusy's probe, later merged with a Justice Department inquiry, ultimately widened to some of Europe's vaunted banks, helping spark a global inquiry that found they actively evaded U.S. law in aiding sanctioned countries, banks or other enterprises move some $2 billion undetected.

Nine banks have been caught up in the probe, and some are in discussions to settle, according to a person familiar with the case. Three have already. Last month, Barclays PLC in London agreed to pay $298 million and admitted to allowing payments on behalf of clients in Cuba, Sudan and other countries. Lloyds Banking Group in London and Credit Suisse Group in Zurich—banks that operated extensive transfer systems for Iranian clients—have agreed to settlements totaling $350 million and $536 million, respectively.

These weren't rogue operations. The investigators discovered that the banks ran dedicated units to systematically aid the undetected transfer of money through the U.S. banking system. They did that by removing identifying coding on fund transfers so they could evade automated U.S. bank computer systems designed to spot money flowing from a sanctioned state.

The far-reaching inquiry started small. Mr. Arusy arrived at the district attorney's office in 2005 to help ferret out illegal financing tied to the Middle East. Though the office prosecutes everyday crime, it carved out a role infiltrating crimes tied to the city's financial markets and institutions. Its expertise dates to the 1990s, when it led the investigation of Bank of Credit & Commerce International, or BCCI, which collapsed in a fraud and money-laundering scandal.

More at the link.

Our bankers will stop at nothing to make money.

Laws simply don't apply to you and when you do get caught it's just a slap on the wrist.

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http://market-ticker.org/akcs-www?post=165919

Yes. Funding terrorism. Funding nations that are on the restricted list.

No, really.

Nine banks have been caught up in the probe, and some are in discussions to settle, according to a person familiar with the case. Three have already. Last month, Barclays PLC in London agreed to pay $298 million and admitted to allowing payments on behalf of clients in Cuba, Sudan and other countries. Lloyds Banking Group in London and Credit Suisse Group in Zurich—banks that operated extensive transfer systems for Iranian clients—have agreed to settlements totaling $350 million and $536 million, respectively.

Settle? SETTLE?

Let me guess - this was some rogue banker in some satellite office, and there was no systemic knowledge or involvement by the banks involved, right?

Uh, wrong:

These weren't rogue operations. The investigators discovered that the banks ran dedicated units to systematically aid the undetected transfer of money through the U.S. banking system. They did that by removing identifying coding on fund transfers so they could evade automated U.S. bank computer systems designed to spot money flowing from a sanctioned state.

These are serious criminal acts folks. This money gets people killed. Literally. It buys guns, it buys missiles, it buys bombs. Bombs, guns and missiles that are then used to shoot at our troops and those of our friends.

Credit Suisse, according to court records, removed Iranian names, addresses, telephone numbers and identification codes from payment messages sent to U.S. financial firms. In some cases, the bank then replaced the information by using names such as "Order of a Customer" or "Credit Suisse."

Why do these institutions still have US banking charters?

Why do their executives not stand on indictments?

Why do we, the people of this country, permit this?

This isn't the first time crimes like this have been talked about in the media or the Ticker over the last few years. Indeed, we've had banks laundering money for Mexican Drug Cartels, we had banks that were involved in elaborate scams to rip off taxpayers in Jefferson County Alabama, and we have had other unsavory acts by these institutions.

If I pull something like this I don't get fined, I go to prison. I get a felony record to go with it. I don't get a fine that amounts to a tiny fraction of one percent of my market cap.

Hell, if I could traffic in money to pay for missiles in Iran and if caught I'd be fined, say, $200 - a tiny little fraction of a percent of my net worth - sure, I'd do it. I could make hundreds of thousands or even millions doing this for years, and eventually, well, I'd have to pay some "tax" for my sins in the form of a fine to the widdle liddle gubbermint.

This sort of crap makes a mockery of our justice system and our laws. We have sat back as citizens and watched these institutions not only do things like this, but rip off the taxpayer with dodgy municipal finance deals that ultimately land the other people involved in the hoosegow, while they, when they get caught, simply pay a tiny little fine (in comparison to the value of the firm) and nobody that works for the bank goes to prison.

You want to know why these things keep happening?

It's because we the people refuse to insist - and back it up with strong political action - that the banks involved in these sorts of scams be charged and that every single employee and officer involved in either doing it or covering it up goes straight to jail, while we revoke the US charter of any foreign institution involved in this sort of crap.

When will you wake up America?

Dennigers rant on this.

Although WSJ doesn't mention that any money funded any sort of terrorism. People may have just been wanting to avoid paying taxes.

However bankers have been happy with drug money so taking money from a terrorist probably wouldn't be too big a moral jump for them.

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http://online.wsj.com/article/SB10001424052748703431604575468094090700862.html?mod=WSJ_hps_MIDDLEFifthNews

More at the link.

Our bankers will stop at nothing to make money.

Laws simply don't apply to you and when you do get caught it's just a slap on the wrist.

Especially wierd when you remember that Lloyds is essentially government owned

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http://online.wsj.com/article/SB10001424052748703431604575468094090700862.html?mod=WSJ_hps_MIDDLEFifthNews

More at the link.

Our bankers will stop at nothing to make money.

Laws simply don't apply to you and when you do get caught it's just a slap on the wrist.

What LAWS!! american sponsered 'laws' for their own business and political interests. If europe and uk had any balls we should tell the americans to go and FO. We need to stop pandering to narrow US interests which involve hampering ourselves.

Look at the US political vitriole directed at BP, if it was just about alleged poor practices it would be fine. But the real aim was they want to take hold of BP's commerical interest in Libya, where US companies have no hold. Similarly there are huge financial prizes in Iran and Sudan where the chinese are making hay. Who's missing out, we are.

How many contracts did brits win in Iraq..very few if any...

Its all about economic interest, we should starting looking after our own now our oil is all but finished.

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What LAWS!! american sponsered 'laws' for their own business and political interests. If europe and uk had any balls we should tell the americans to go and FO. We need to stop pandering to narrow US interests which involve hampering ourselves.

Look at the US political vitriole directed at BP, if it was just about alleged poor practices it would be fine. But the real aim was they want to take hold of BP's commerical interest in Libya, where US companies have no hold. Similarly there are huge financial prizes in Iran and Sudan where the chinese are making hay. Who's missing out, we are.

How many contracts did brits win in Iraq..very few if any...

Its all about economic interest, we should starting looking after our own now our oil is all but finished.

Exactly. What terrorism did Cuba sponsor, for example. What about the case of the Canadian businessman, convicted of selling water purification equipment to Cuba, even though he was living and working in Canada at the time?

Sabzali’s conviction via his guilty plea demonstrates “you’re not allowed to violate the laws of this country just because you live outside it,” said assistant U.S. attorney Joseph Poluka in an interview.

The world needs to tell the US to eff off, big time.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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