Banks failing to comply with anti-corruption rules and sanctions lists

Criminals including terrorists and tax evaders, as well as government officials subject to sanctions, can easily breach regulations meant to bar them from the international finance system, a study has found.

by | 1 Dec, 2022

Banks and other financial firms around the world, including in the UK, are failing to comply with international anti-corruption rules, according to research by the University of Cambridge and the University of Texas at Austin.

The researchers emailed 5,000 banks and 7,000 other financial intermediaries in 273 countries and financial jurisdictions in 2020-21 to test compliance with rules meant to combat money laundering; the financing of terrorism; tax evasion; and Magnitsky Act legislation that allows sanctions to be imposed against specified Russian government officials.
Read more at The Guardian

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