Just consider – Danske Bank, BNP Paribas, Huawei… They simply failed to grasp the power and reach of US enforcement.
Not All Advice Created Equal – at times foolhardy to the point of recklessness… Response to Bloomberg Opinion: “Europe’s Trade with Iran is worth saving”. Some still pretend that doing business with Iran constitutes a viable commercial and industrial strategy, yet the evidence suggests that this is foolhardy to the point of recklessness.
Money laundering involves the deliberate cleaning up of the proceeds of crime. Increasingly this area has seen major developments in recent years in the terrorist financing and cyber space.
Sustainable Tax Havens… There is currently a somewhat insidious “tax transparency” take dressed up as “missing tax revenues” by outwardly multi-lateral bodies such as the OECD calling for mass publication of beneficial ownership of companies, particularly those based offshore.
Why non-US entities keep falling foul of the US Sanctions & AML regime
The current revelations and allegations surrounding Nordic banks from otherwise highly reputed, transparent jurisdictions such as Sweden, Denmark, Norway and Finland reflect a typical European reluctance to accept Extra-Territoriality.
The US dollar is the single most important currency in the world with comfortably the largest share in terms of currency transactions, reserve currency and global investment presence. This has given the US unrivalled ability to leverage its national and foreign policy objectives.
Speech in Copenhagen at the InsightFinance AML Conference 8-9 October 2019 There is currently a clear lack of understanding of the true cross-border threat of US sanctions – which implicitly include AML and CTF violations.
In 2012 the US Congress passed the Magnitsky Act, as a means of US legislative protection against human rights abuses. This was followed up by a more international, cross-border version of the initial Act, called the Global Magnitsky Act, in 2017.
The real truths of former PM May and former Chancellor Hammond’s failed Withdrawal Treaty emerging – over the incomprehensible approach to the European Investment Bank included in the Withdrawal Treaty, which was rejected three times by the UK Parliament.