Tuesday, March 2, 2010

Corrupt foreign officials funneling 'millions' into U.S., Senate investigation concludes

Corrupt foreign officials “and their relatives” have brought millions of dollars in “illicit” money into the U.S., according to an investigation by the Senate’s Permanent Subcommittee on Investigations.

“Corruption is a direct threat to our national interest,” Senator Carl Levin (D-MI), subcommittee chairman, said in a statement. “That’s why the United States is engaged in a relentless, worldwide battle to stop the flow of illegal money into and within places like Iraq and Afghanistan. Laundered money is used to train and provide support for terrorists and terrorism. If we want to credibly lead efforts to stop illegal money abroad, we’ve got to stop it here at home as well.”

The 330-page report found that there are “glaring gaps” in the anti-money laundering (AML) programs that banks are required to establish, and that, moreover, corrupt and powerful officials have used the services of “U.S. lawyers, lobbyists, real estate and escrow agents, and other professionals who currently have no obligation” to operate under AML restrictions.

[More] http://www.gsnmagazine.com/article/20204/corrupt_foreign_officials_funneling_%E2%80%98millions%E2%80%99_us_

No comments:

Post a Comment