Corrupt foreign politicians have allegedly relied on "complicit" bank relationship managers in the United Kingdom to launder their kickbacks, bribes and stolen public assets because they know how to circumvent rules against financial crime, according to a report published Thursday. In a 40-page annual assessment, the National Crime Agency, or NCA, said that corrupt bankers are "key enablers" of fraud, market abuse and money laundering in the United Kingdom, and claimed that managers of financial institutions conspire with politically exposed persons seeking to move funds into the country. "This may be due to their public facing role making them more...
A U.K. court jailed a former senior development banker Tuesday after he and his sister attempted to launder $3.5 million in kickbacks from fraudulent loan deals through accounts at four lenders without explaining their source of funds.
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