International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
<strong>Money</strong> <strong>Launder<strong>in</strong>g</strong>: How it is done?<br />
• Private Bankers as Client Advocates<br />
– Private bankers are l<strong>in</strong>chp<strong>in</strong> of private bank system.<br />
– They are tra<strong>in</strong>ed to service <strong>the</strong>ir clients, set up<br />
accounts and move money around <strong>the</strong> world us<strong>in</strong>g<br />
sophisticated f<strong>in</strong>ancial systems and secrecy tools.<br />
– Private bankers feel loyalty to <strong>the</strong>ir clients lead<strong>in</strong>g<br />
<strong>the</strong>m to miss or m<strong>in</strong>imize warn<strong>in</strong>g signs.<br />
– Private bankers use <strong>the</strong>ir expertise to evade what<br />
<strong>the</strong>y may perceive as unnecessary "red tape"<br />
hamper<strong>in</strong>g <strong>the</strong> services <strong>the</strong>ir clients want, <strong>the</strong>reby<br />
evad<strong>in</strong>g controls designed to detect or prevent<br />
money launder<strong>in</strong>g.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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