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A scandal implicating HSBC in alleged tax evasion widened further Wednesday, as Swiss prosecutors raided the Geneva headquarters of its private bank in Switzerland. The raid, in connection with an investigation into ‘aggravated money-laundering’, marks the latest twist in a saga that dates back 10 years. Materials leaked to the International Consortium of Investigative Journalists ... indicated that HSBC aggressively marketed schemes suitable for tax evasion to rich clients across the world. The materials come from a stash of files stolen from HSBC by Hervé Falciani, a former employee and whistleblower. Falciani was indicted in Switzerland in December for industrial espionage and for breaking the law on banking secrecy. Falciani’s files have already led to criminal investigations in France, Belgium and Argentina. The Swiss authorities’ action Wednesday, however, is the first to suggest that they regard tax evasion itself as a bigger crime than exposing it. [HSBC has also recently] been found guilty of manipulating benchmark interest and foreign exchange rates, [and] desperately needs to be able to prove that it has not aided or abetted tax evasion or money-laundering since December 2012. That was when it signed a deferred prosecution agreement with the U.S. after admitting to helping Iran get round sanctions and laundering the profits of Mexican drug trafficking gangs. Any evidence that it has broken that DPA could lead to it losing its all-important license to bank in the U.S., destroying its status as a global bank overnight.
Note: Read lots more on HSBC's sweetheart deal with U.S. officials in a Rolling Stone article by Matt Taibbi. US Senator Elizabeth Warren is working hard to bring justice in this case. For more along these lines, see concise summaries of deeply revealing news articles about systemic corruption in government and the financial industry.
Iceland's government appointed a special prosecutor to investigate its bankers after the world's financial systems were rocked by the discovery of huge debts and widespread poor corporate governance. "This ... sends a strong message that will wake up discussion," special prosecutor Olafur Hauksson told Reuters. "It shows that these financial cases may be hard, but they can also produce results." The country's efforts contrast with the United States and particularly Europe, where though some banks have been fined, few executives have been tried and voters suffering post-crisis austerity conditions feel bankers got off lightly. Iceland struggled initially to appoint a special prosecutor. Hauksson ... was encouraged to put in for the job after the initial advertisement drew no applications. Icelandic lower courts have convicted the chief executives of all three of its largest banks for their responsibility in [the] crisis. They also convicted former chief executives of two other major banks, Glitnir and Landsbanki, for charges ranging from fraud and market manipulation. Many Icelanders have been frustrated that justice has been slow. The prosecutors' office has been hit by budget cuts since it was set up. But Hauksson believes the existing rulings mean there is less chance of similar scandals in the future. "There is some indication that the banks are more cautious," he said. Asked whether he would take the job again ... Hauksson replied, laughing: "Yes. And I'd probably be the only applicant again."
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HSBC’s Swiss banking arm helped wealthy customers dodge taxes and conceal millions of dollars of assets, doling out bundles of untraceable cash and advising clients on how to circumvent domestic tax authorities, according to a huge cache of leaked secret bank account files. HSBC was headed during the period covered in the files by Stephen Green – now Lord Green – who served as the global bank’s chief executive, then group chairman until 2010 when he left to become a trade minister in the House of Lords for David Cameron’s new government. The files show how HSBC in Switzerland keenly marketed tax avoidance strategies to its wealthy clients. The bank proactively contacted clients in 2005 to suggest ways to avoid a new tax levied on the Swiss savings accounts of EU citizens, a measure brought in through a treaty between Switzerland and the EU to tackle secret offshore accounts. The documents also show HSBC’s Swiss subsidiary providing banking services to relatives of dictators, people implicated in African corruption scandals, arms industry figures and others. HSBC is already facing criminal investigations and charges in France, Belgium, the US and Argentina as a result of the leak of the files, but no legal action has been taken against it in Britain.
Note: Read lots more excellent information in a Rolling Stone article by Matt Taibbi. US Senator Elizabeth Warren is working hard to bring justice in this case. HSBC was founded to service the international drug trade following the 19th century opium war, and continues to launder money for drug cartels and terrorists on a massive scale. Now we learn that HSBC also provides financial services related to conflict diamonds, weapons trafficking, political corruption, and other organized criminal activities. Perhaps these criminal bankers are tolerated because the global economy might collapse without their cash.
The middle class can't be saved unless Wall Street is tamed. Yet most presidential aspirants don't want to talk about taming the Street because Wall Street is one of their largest sources of campaign money. Six years ago ... the financial collapse crippled the middle class and poor, consuming the savings of millions of average Americans and causing 23 million to lose their jobs, 9.3 million to lose their health insurance and some 1 million to lose their homes. A repeat performance is not unlikely. Wall Street's biggest banks are much larger now than they were then. Five of them hold about 45 percent of America's banking assets. In 2000, they held 25 percent. Meanwhile, the Street's lobbyists have gotten Congress to repeal a provision of Dodd-Frank curbing excessive speculation by the big banks. The language was drafted by Citigroup and personally pushed by Jamie Dimon, CEO of JPMorgan Chase. It's nice that presidential aspirants are talking about rebuilding America's middle class. But to be credible, the candidates have to [propose] to limit the size of the biggest Wall Street banks, to resurrect the Glass-Steagall Act (which used to separate investment banking from commercial banking), to define insider trading the way most other countries do (using information any reasonable person would know is unavailable to most investors), and to close the revolving door between the Street and the U.S. Treasury. It also means not depending on the Street to finance their campaigns.
According to public disclosures, by giving just 12 speeches to Wall Street banks, private equity firms, and other financial corporations, [Hillary] Clinton made $2,935,000 from 2013 to 2015. Clinton’s most lucrative year was 2013, right after stepping down as secretary of state. That year, she made $2.3 million for three speeches to Goldman Sachs and individual speeches to Deutsche Bank, Morgan Stanley, Fidelity Investments, Apollo Management Holdings, UBS, Bank of America, and Golden Tree Asset Managers. To put these numbers into perspective, compare them to lifetime earnings of the median American worker. In 2011, the Census Bureau estimated, that across all majors, a “bachelor’s degree holder can expect to earn about $2.4 million over his or her work life.” A Pew Research analysis published the same year estimated that a “typical high school graduate” can expect to make just $770,000 over the course of his or her lifetime. This means that in one year - 2013 - Hillary Clinton earned almost as much from 10 lectures to financial firms as most bachelor’s degree-holding Americans earn in their lifetimes — and nearly four times what someone who holds only a high school diploma could expect to make. The Associated Press notes that during Hillary Clinton’s time as secretary of state, Bill Clinton earned $17 million in talks to ... financial firms.
Imagine a lender demanding that you miss a payment. That is the situation described in a recent article in The Wall Street Journal. In 2013, GSO Capital Partners ... refused to renew a $122.3 million loan to the Spanish gambling company Codere unless it delayed paying interest on other existing debt. Why? It turns out that GSO had placed a bet that Codere’s existing debt would not be paid on time. When, lo and behold, the payment was late, GSO collected on its bet. The bet in this scenario was a credit default swap. Credit default swaps, a type of derivative, can be used to hedge against losses on bonds that investors own, or to speculate on how the underlying companies will perform. The Dodd-Frank financial reform law was supposed to curb speculation in swaps. But ... hedge funds are increasingly using swaps to wager on whether weak firms will live or die. RadioShack ... is one of several prominent examples. In December, RadioShack’s total debt came to about $1.4 billion, but swaps outstanding on the performance of the debt totaled $23.5 billion. Similarly, J.C. Penney ... had total debt of some $8.7 billion, but swaps outstanding on the debt totaled $19.3 billion. Last month, Congress repealed an anti-speculation provision of Dodd-Frank that would have prevented federally insured banks from conducting several types of swap transactions. In addition, the Federal Reserve recently gave the banks two extra years to meet [another important] Dodd-Frank provision. Sooner or later, poorly regulated credit derivatives will again play a role in damaging the economy.
Nicholas and Jill Woodman ... will receive a huge tax deduction for their [charitable] donation of 5.8 million shares of company stock to a donor-advised fund. But there’s no guarantee that one dollar of their October donation will ever be spent [on charity]. Donors gets an immediate, one-time tax break by depositing their money or assets in a donor-advised fund. They can advise the institution holding their money where and when to spend it on their timetable. Boston College Law School Professor Ray Madoff points out, “It is like money-laundering." There was $54 billion under management in donor-advised funds in 2013. Top financial houses like Fidelity, Schwab and Vanguard have fully embraced donor-advised funds. Fidelity Charitable, with $13.2 billion worth of assets under management, is now the nation’s second-largest charity. Even though organizations like Fidelity Charitable, Schwab Charitable and Vanguard Charitable were founded by their financial house namesakes, they are separate 501(c)3 charities. But while Fidelity Charitable is independent from the financial institution, roughly two-thirds of the money in the charitable arm is invested in Fidelity mutual funds. Madoff said that because investment advisers can charge a fee for managing the money in these accounts, they have a natural incentive to keep the money in these accounts growing — and not leaving.
A report released on Wednesday by the Pew Research Center found that the wealth gap between the country’s top 20 percent of earners and the rest of America had stretched to its widest point in at least three decades. Last year, the median net worth of upper-income families reached $639,400, nearly seven times as much of those in the middle, and nearly 70 times the level of those at the bottom. There has been growing attention to the issue of income inequality. But while income and wealth are related ... the wealth gap zeros in on a different aspect of financial well-being: how much money and other assets you have accumulated over time. “The Great Recession destroyed a significant amount of middle-income and lower-income families’ wealth, and the economic ‘recovery’ has yet to be felt for them,” the report concluded. The median household net worth last year for those in the middle was $96,500, only slightly above the $94,300 mark it hit in 1983 (after being adjusted for inflation). A poor household actually had a higher median net worth 30 years ago ($11,400 in 1983) than it counted last year ($9,300). Compare those results with the top fifth of income earners. In 1983, when the Fed began collecting the data, that group had a median wealth of $318,000; in 2013 it owned more than twice that.
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The Securities and Exchange Act of 1934 banned insider trading but left it up to the Securities and Exchange Commission and the courts to define it. Which they have -- in recent decades so broadly that confidential information [is now Wall Street's] "coin of the realm." If a CEO tells his golf buddy that his company is being taken over, and his buddy makes a killing on that information, no problem. If his buddy leaks the information to a hedge fund manager and doesn't say where it came from, the hedge fund manager can also use the information to make a bundle. CEOs and other top executives ... routinely use their own inside knowledge of when their companies will buy back large numbers of shares from the public -- thereby pumping up share prices -- in order to time their own personal stock transactions. That didn't used to be legal. Until 1981, the Securities and Exchange Commission required companies to publicly disclose the amount and timing of their buybacks. But Ronald Reagan's SEC removed those restrictions. Then, George W. Bush's SEC allowed top executives, even though technically company "insiders" ... to quietly cash in their stock options without public disclosure. Now it's normal practice. Many CEOs are making vast fortunes not because they're good at managing their corporations but because they're good at using insider information.
Note: Is the trend to relax the rules on insider trading related to the revolving door between big banks and government? For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance.
Congress has passed, and President Obama has said he would sign, a budget bill that allows banks to use your savings when they make giant financial bets called derivatives. Again. And because those savings are insured by the federal government, you, the taxpayer, would be on the hook if those bets go south. Again. This isn’t arcane financial stuff we can ignore. These are the exact financial mechanisms that led to the global crisis just six (short!) years ago. The Dodd-Frank reform law that was passed in the wake of that crisis forbade this from ever happening. People in the personal finance field love to talk about how if we could just get more Americans to save, if we could just get more Americans to learn the basics of the stock market, if we could just convince Americans to forego that latte at Starbucks, if we could just put Americans on a budget, then things would be OK. But how is any of that supposed to work when banks can use people’s savings to play the roulette wheel that is the stock market – and then when they lose, they just order another cup of coffee and use the federal budget to make sure that the losses fall not on them but on the people who just tried to save a little money in the first place? This one is only on workers if they say nothing and fail to educate themselves on what is being plundered from their futures. The powers that be are counting on you not to pay attention, or to feel so impotent that you just give up.
Note: Read how literally hundreds of trillions of dollars are being recklessly gambled by the banks using our savings and retirement. For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance.
Congressional liberals rebelled Wednesday against a must-pass spending bill that would ... roll back critical limits on Wall Street and sharply increase the influence of wealthy campaign donors. Sen. Elizabeth Warren (D-Mass.), a popular figure on the left, led the insurrection with a speech on the Senate floor, calling the $1.01 trillion spending bill “the worst of government for the rich and powerful.” Meanwhile, White House press secretary Josh Earnest said, “I don’t think the vast majority of Democrats or even Republicans are going to look too kindly on a Congress that’s ready to go back and start doing the bidding of Wall Street interests again.” On the Senate floor, Warren said the changes in the spending bill “would let derivatives traders on Wall Street gamble with taxpayer money and get bailed out by the government when their risky bets threaten to blow up our financial system.” She added: “These are the same banks that nearly broke the economy in 2008 and destroyed millions of jobs.” Rep. Chris Van Hollen (D-Md.), who opposed the 2013 bill, said he would vote against the new spending measure in its current form. The change to Dodd-Frank coupled with the campaign finance provision makes for a toxic blend, he said. Van Hollen was one of the few Democrats willing to risk a government shutdown by blocking the bill. Pressed by reporters, even Warren would not make that commitment.
Goldman Sachs and HSBC are among four platinum and palladium dealers to be sued in New York for allegedly fixing the price of the metals. The four companies are said to have rigged prices for eight years. BASF and Standard bank were also sued in the first lawsuit of its kind in the US. The four defendants declined to comment. Modern Settings, a Florida-based maker of jewellery and police badges, said purchasers lost millions of dollars. The Florida company filed the complaint in Manhattan federal court. The companies were accused of having conspired since 2007 to rig the twice-daily platinum and palladium fixings. It is alleged that the companies illegally shared customer data and then used that information to engage in front running ... a form of market manipulation in which traders profit by using information about their clients' trading intentions. Traders will often know how a particular client order will affect the market and can place their own trades ahead of that order to benefit. The four companies in this case are also accused of manufacturing "spoof" orders. Goldman, HSBC and Standard Bank declined to comment. International regulators have tightened scrutiny of pricing benchmarks in recent years. The tighter regulation comes after a currency trading scandal and the Libor scandal, which fixed a benchmark interest rate.
Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
The former chief executive of Landsbanki of Iceland was sentenced to prison on Wednesday, the third of the top executives of the country’s three largest banks that the government has successfully prosecuted and jailed for misconduct during the financial crisis. Iceland was one of the countries hardest hit by the financial crisis and was forced to nationalize its three largest lenders in 2008. Mr. Arnason is the third former chief executive of an Icelandic bank to be ordered jailed for misdeeds in the run-up to the nationalization of Landsbanki and two other of the island nation’s biggest lenders. Kaputhing, at one time Iceland’s largest lender, saw its chief executive, Hreidar Mar Sigurdsson, and its chairman, Sigurdur Einarsson, convicted of market manipulation last year. Mr. Sigurdsson was sentenced to five and a half years in prison, while Mr. Einarsson was sentenced to five years in prison. Larus Welding, the former chief executive of Glitnir, the first of the banks to be nationalized, was convicted of fraud in 2012. The Icelandic lenders expanded beyond their borders during the boom years, only to collapse under a mountain of debt as financial conditions worsened in 2008. After the banks were nationalized, Iceland’s government restructured them, purging their management and refusing to bail out foreign bondholders who held tens of billions of dollars of the banks’ debt. A special prosecutor, Olafur Hauksson, was appointed to investigate the actions of bank executives in the run-up to the financial crisis.
Note: So the one nation that jailed its big bankers and let banks go bust is doing very well. Why are so exceedingly few bankers in other countries being jailed for crimes involving trillions of dollars and bankrupting millions of citizens? For more along these lines, see concise summaries of deeply revealing news articles about corruption in government and in the financial industry.
The Federal Reserve's Board of Governors and the New York Fed have been responsible for supervising Wall Street banks. After the 2008 crisis and the regulatory lapses it revealed, Congress gave the Fed even more oversight authority. Two recent reports highlight that the Fed isn’t very good at supervising certain banks. In September, Carmen Segarra, a former bank examiner at the Federal Reserve Bank of New York, released secret recordings she had made of meetings at the New York Fed in 2012. The recordings revealed that New York Fed employees had identified concerns with a proposed Goldman Sachs deal. The New York Fed didn’t attempt to make Goldman address these concerns. The recordings also showed Ms. Segarra’s superiors pressuring her to soften her finding that Goldman did not comply with federal regulations on conflicts of interest. An October report from the Fed’s Office of Inspector General provided additional confirmation that the Fed is failing to oversee the big banks. The report found that the New York Fed had failed to examine J.P. Morgan Chase’s Chief Investment Office despite a recommendation to do so in 2009. The report concluded that the New York Fed needed to improve its supervision of the biggest, most complex banks. We’re all counting on the Fed to monitor the big banks and stop them from taking on too much risk, but evidence is mounting that this faith in the Fed is misplaced.
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From his desk in Lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government. The banker came to Goldman through the so-called revolving door ... that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed. The previously unreported leak, recounted in interviews with the lawyers briefed on the matter who spoke anonymously ... illustrates the blurred lines between Wall Street and the government. When Goldman hired the former New York Fed regulator, who is 29, it assigned him to advise the same type of banks that he once policed. And the banker obtained confidential information [that] provided Goldman a window into the New York Fed’s private insights. The emergence of the leak comes as questions mount about a perceived coziness between the New York Fed and Wall Street banks — Goldman in particular. Revelations from a former New York Fed employee, Carmen Segarra, recently stoked that debate. Ms. Segarra released taped conversations suggesting that her supervisors went soft on Goldman. The new accounts of a regulator and a banker actually sharing confidential documents — violating a cardinal rule of the regulatory world — suggest that ... Goldman, perhaps more than any other Wall Street bank, appears to be entwined with the New York Fed.
Note: For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
[Alayne] Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion ... to keep the public from hearing. In 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud." This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The idea that Holder had cracked down on Chase was ... fiction. The settlement, says Kelleher, "was ... crafted to bypass the court system. The DOJ and JP-Morgan were trying to avoid disclosure of their dirty deeds." Chase emerged with barely a scratch. The settlement put you, me and every other American taxpayer on the hook. Chase was allowed to treat some $7 billion of the settlement as a tax write-off. The bank's share price soared six percent on news of the settlement. Chase actually made money from the deal. What's more, to defray the cost of this and other fines, Chase last year laid off 7,500 lower-level employees. But no one made out better than [Chase CEO Jamie] Dimon. The board awarded [him] a 74 percent raise. The people who stole all those billions are still in place. And the bank is more untouchable than ever. Mary Jo White and Andrew Ceresny, who represented Chase for some of this case, have since been named to the two top jobs at the SEC.
Note: Read this entire, fascinating article to understand just how corrupt both the banks and our government are. For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance. For additional information, see the excellent, reliable resources provided in our Banking Corruption Information Center.
At the Justice Department, senior officials like to congratulate themselves on the headline-making, big bucks settlements they have imposed upon banks and lenders. Those settlement figures are not quite what they seem, because settlements can be deducted from tax liabilities. For nearly every dollar a bank or lender has pledged to pay ... up to 35 cents will find its way back into bank coffers. Under Attorney General Eric Holder, whose agency has not prosecuted a single major bank or executive in the aftermath of the 2008 meltdown, the Justice Department has [allowed] windfall tax deductions [to be] set against the civil settlements imposed. [These may] total more than $44 billion. Astonishingly, for an economic crisis estimated to have cost the U.S. economy anywhere from $6 trillion to $14 trillion in lost output and value —if not twice that, according to a September 2013 study by the Dallas Federal Reserve bank— tracking the settlements and the deductions against taxes via government websites is almost impossible. There’s [a] self-serving reason for the Justice Department to hike civil settlement payments while allowing for most of the sum to be tax-deductible. The agency receives a cut of up to 3 percent of its share of the total settlements for its Working Capital Fund, a slush fund common across major government agencies. The Justice Department’s slush fund ... signals an institutional interest in getting big numbers.
For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. She deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account. She has not been charged with any crime. The money was seized solely because she had deposited less than $10,000 at a time. Using a law designed to catch drug traffickers ... the government has gone after run-of-the-mill business owners and wage earners without so much as an allegation that they have committed serious crimes. The government can take the money without ever filing a criminal complaint. Richard Weber, the chief of Criminal Investigation at the I.R.S., said in a written statement ... that making deposits under $10,000 to evade reporting requirements, called structuring, is ... a crime. The Institute for Justice, a Washington-based public interest law firm ... analyzed structuring data from the I.R.S., which made 639 seizures in 2012, up from 114 in 2005. Only one in five was prosecuted as a criminal structuring case. Law enforcement agencies get to keep a share of whatever is forfeited. This incentive has led to the creation of a law enforcement dragnet, with more than 100 multiagency task forces combing through bank reports, looking for accounts to seize. There are often legitimate business reasons for keeping deposits below $10,000, said Larry Salzman, a lawyer with the Institute for Justice. For example, he said, a grocery store owner in Fraser, Mich., had an insurance policy that covered only up to $10,000 cash.
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The European Commission on Tuesday fined four major financial institutions 93.9 million euros, or about $120 million, over two types of activity that it deemed as cartel behavior. In one case, the European Commission fined JPMorgan Chase €61.7 million euros for manipulating the Swiss franc Libor benchmark interest rate in an “illegal bilateral cartel” with the Royal Bank of Scotland. Interest-rate derivatives – such as forward rate agreements, swaps, futures and options – are financial products intended to help manage interest-rate fluctuations. In December 2013, the European Union fined several global financial institutions a combined €1.7 billion to settle charges that they colluded to fix benchmark interest rates. Regulators accused R.B.S. and JPMorgan of trying to distort the process used to price interest rate derivatives. In a separate settlement also announced on Tuesday, the European Commission said R.B.S., UBS, JPMorgan and Credit Suisse, operated a cartel on bid-ask spreads of Swiss franc interest-rate derivatives, imposing fines worth a total of €32.4 million. from May to September 2007, R.B.S., UBS, JPMorgan and Credit Suisse agreed to quote to clients wider, fixed bid-ask spreads on certain categories of franc interest-rate derivatives. The banks maintained narrower spreads for trades among themselves. The aim was to lower the banks’ transaction costs and continue the flow of trades between themselves while preventing others from participating on the same terms in the franc derivatives market. Global financial institutions have paid more than $6 billion in fines over manipulating benchmark rates.
Note: For more along these lines, see the excellent, reliable resources provided in our Banking Corruption Information Center.
Front companies in the UK are at the heart of an investigation into ... a conspiracy to make $20bn (Ł12.5bn) of dirty money look legitimate. The funds are believed to have come from major criminals and corrupt officials around the world. An investigation by The Independent and the Organised Crime and Corruption Reporting Project, an NGO, has identified dozens of ... front companies in the UK which carried out massive phoney business deals between themselves. These front companies then sued each other in courts in Moldova, demanding the repayment of hundreds of millions of pounds of loans. A judge in Moldova ... would rule in favour of the claimant company, which would then receive the cash from the other front firm – with an all-important signed court document ordering the debt to be paid. But rather than being transferred from one legitimate British company to another, the funds were being routed from Russia, where gangs from around the world go to launder money from corruption, drug dealing, prostitution and people smuggling. Their tainted money would first be put into the UK front companies’ accounts in Moldova before being transferred to another bank in Latvia. This final stage adds to the dirty money’s “clean” appearance. The UK bank accounts involved include ones at UBS in London, HSBC, RBS, NatWest and Citibank.
Note: Here is a diagram of this complex international money laundering scam. For more along these lines, see these concise summaries of deeply revealing articles about widespread corruption in government and banking and finance.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.