Smart. Sharp. Funny. Fearless.
Thursday, October 27, 2016
  • ExRSM

    Since all transactions conducted in USD are cleared through New York, it is pretty rich for one out of three US Regulators seeks to sheet home to Standard Chartered, Britains finest Bank focussed largely in Asia of breaching any legitimate sanctions. One need not look far to see a welter of seedy motives.
    President Clinton indeed made the point, in a sharp move against money-laundering, that New York would assume jurisdiction (and thus responsibility) for all transactions conducte in USD.
    I am not aware of any success in this regard, like most statements from that belligerent country in may have been well-intentioned. But no more.
    US Cash in circulation is stupendous, yet no effort has been made to lower the tide of cash washing around in terrorist circles. The Bali Bombing cost around US$2500, (cash) maybe this large-mouthed regulator would care to find a way of preventing that. I forget the figure for 9/11, but it was largely flying lessons conducted in the US,, living expenses and travel. It might have been around US$2 million.In 2002 the then largest Bank in London spent £10 million annually on anti-money laundering software. In year one, $1,4 million and a tractor were seized. Huge efforts were made by FATF and its sub-committees, and compliance was monitored regularly in these Committees.