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AML Laws, FATF Ineffective in Stopping Bank Abuses: Report
printEuropean and Asian governments must implement stronger due diligence standards, including the creation of databases on the assets of public officials, to root out corruption, a London-based non-profit organization said. Banks in these regions are "aggressively exploiting the loopholes and ambiguities" in anti-money laundering regulations and using bank secrecy laws to stymie information sharing, according to Global Witness, a non-governmental organization that reports on corruption. As a result, financial institutions are "complicit in helping to perpetuate poverty, corruption, conflict, human suffering and misery," the group said. Barclays, Citibank, HSBC, Deutsche Bank and "dozens of British, European and Chinese Banks" have...
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