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Anti-Money Laundering

By H. David Kotz

Within just the past few months, there have been several reports of highly publicized money laundering scandals. In May of this year, Australia's second largest bank, the Westpac Bank, became involved in what some are calling the largest international money laundering case ever brought. Federal prosecutors have accused digital currency exchange Liberty Reserve, a Costa Rica-based entity, of helping criminals launder more than $6 billion in criminal proceeds. Westpac was one of the many banks around the world alleged to have been holding funds from the company, thought to be worth about $40 million.

In December 2012, HSBC avoided a legal battle by agreeing to pay $1.9 billion to settle a U.S. money laundering probe after facing accusations that it transferred funds through the U.S. from Mexican drug cartels and on behalf of nations such as Iran that are under international sanctions. In the same timeframe, Standard Chartered PLC, another British bank, signed an agreement with New York regulators to settle a money laundering investigation involving Iran with a $340 million payment.

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