{"id":25768,"date":"2014-08-20T07:39:32","date_gmt":"2014-08-20T06:39:32","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=25768"},"modified":"2014-08-20T09:34:44","modified_gmt":"2014-08-20T08:34:44","slug":"banking-corruption-more-of-the-same-when-will-it-end","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2014\/08\/20\/banking-corruption-more-of-the-same-when-will-it-end\/","title":{"rendered":"Banking corruption: more of the same. When will it end?"},"content":{"rendered":"<p>Another day, and more banking scandals.<\/p>\n<p>PWC <a href=\"http:\/\/www.telegraph.co.uk\/finance\/newsbysector\/banksandfinance\/11042362\/PwC-fined-25m-for-hiding-banks-sanctions-violations.html\" target=\"_blank\">amended a report to US regulators <\/a>to hide their banking client's abuse of US sanctions. They have been fined $25 million for doing so and have been barred from undertaking some work in New York for a limited period.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/5480ec0c-27c0-11e4-b7a9-00144feabdc0.html?ftcamp=crm\/email\/2014820\/nbe\/AlphavilleLondon\/product&amp;siteedition=uk#axzz3AplR41Se\" target=\"_blank\">Standard Chartered are apparently unable to properly identify money laundering risk<\/a>, also according to New York. They have also been fined, $300 million in their case. And they have been barred from handling some accounts for a period.<\/p>\n<p>So more slaps on the knuckles and more fines that impact little ion the organisations in question. But no prosecutions and no sanctions on individuals.<\/p>\n<p>So the abuse will go on. And on. And on.<\/p>\n<p>And when it does no one should be surprised because that is what happens when a system has been captured for the benefit of a few.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another day, and more banking scandals. PWC amended a report to US regulators to hide their banking client&#8217;s abuse of US sanctions. They have been<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2014\/08\/20\/banking-corruption-more-of-the-same-when-will-it-end\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,14,8],"tags":[],"class_list":["post-25768","post","type-post","status-publish","format-standard","hentry","category-banking","category-corruption","category-pwc"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/25768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=25768"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/25768\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=25768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=25768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=25768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}