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To Bypass Sanctions Controls, Complicit Bankers Need Only Hit ‘Full Stop’
By Colby Adams
printDespite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts. The Belgium-based Society for Worldwide Interbank Financial Telecommunication, which provides a platform for most bank-to-bank messages, has in recent years requested that banks disclose more about payment originators and beneficiaries, there remain few controls preventing financial institutions from reporting inaccurate or meaningless information. SWIFT has attempted to address the problem on prior occasions. In 2009, the banking consortium introduced the MT202 COV, a payment format that generally requires...
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