US fails to stop money laundering

| 28/09/2010

(BBC): One of the US’s top fraud investigators is warning that America’s policing of money laundering is wide open to abuse. Eric Lewis will tell a Congressional hearing on terrorist financing that billions of dollars are slipping through the US banking system. In a testimony ahead of the hearing on Tuesday he says that only international action can stop the laundering. The US Committee on Financial Services is taking evidence on "trends in terrorism financing". Lewis will tell the hearing the "powerful tools" to stop the laundering of drug and terrorist money "are not being used as vigorously and consistently as they could be".

Lewis was legal counsel to the liquidators of the collapsed Bank of Credit and Commerce and is an adviser to liquidators running down the companies of fraudster Bernard Madoff.

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