Bradshaw Santoro is a respected presence in the Boston temporary-staffing sphere who provides value-added consulting to a wide range of financial services providers. Among the areas in which Bradshaw Santoro has extensive knowledge are compliance and global efforts against money laundering.
A recent Financial Times article brought attention to a brewing money laundering flashpoint in the European Union. The current focus is Swedbank, which is being investigated by the Swedish Financial Supervisory Authority on money laundering allegations. The issue first emerged in the Baltics before spreading to Danske Bank in Denmark, with the allegations putting the bank in danger of a $630 million fine and forcing it to pull out of dealings in Russia and the Baltics. The Swedbank case may be related to Danske Bank’s issues, and adversely impact a broader realm of banking responsibilities, including the trust placed by large-scale institutional investors such as pensions. The misconduct also seems to involve many other banks across Europe and may indicate systemic shortcomings in responding to fast-evolving laundering strategies originating from the Baltics. Extremely complex and cross-border in nature, the laundering schemes appear to involve Caribbean financial institutions as well. With economic security and trust in the financial system at stake, there are calls for a robust EU-wide response to the laundering.
0 Comments
|
AuthorBradshaw Santoro of Boston - Syntagma Group Managing Director. ArchivesCategories |