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Banking reform
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By *ackal1 OP Couple
over a year ago
Manchester |
It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
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By *ostafunMan
over a year ago
near ipswich |
So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ? |
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By *ercuryMan
over a year ago
Grantham |
Putin is probably the richest man on the planet. Spiralling gas prices benefit him personally, so its in his best intrests to keep market uncertainty going.
The huge problem is proving where the money is, and who controls it. It would take mammoth resources to chase the papertrail and bring people rightly to account.
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By *ackal1 OP Couple
over a year ago
Manchester |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?"
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
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By *ackal1 OP Couple
over a year ago
Manchester |
"Putin is probably the richest man on the planet. Spiralling gas prices benefit him personally, so its in his best intrests to keep market uncertainty going.
The huge problem is proving where the money is, and who controls it. It would take mammoth resources to chase the papertrail and bring people rightly to account.
"
I think that’s the point Browder is making . We do know where it is. It’s whether our governments in the west want to go after individuals as that opens all sorts of issues with their rich backers . |
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"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
"
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge . |
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"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge . "
Pat, welcome back..
New profile but still talking rubbish..
Look at the FinCen reports into 5 major banks in the state's where they're looking at in excess of 2 Trillion dollars of money laundering that they failed over years to stop..
HSBC, 85 million dollar fine Dec 2021 for allowing money laundering..
NAT West Oct 21 fined £264 million by the FCA for allowing money laundering..
The banks are failing to prevent money laundering as they don't want the big money moving through regardless of its origin..
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By *ackal1 OP Couple
over a year ago
Manchester |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge . "
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/ |
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By *ackal1 OP Couple
over a year ago
Manchester |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
Pat, welcome back..
New profile but still talking rubbish..
Look at the FinCen reports into 5 major banks in the state's where they're looking at in excess of 2 Trillion dollars of money laundering that they failed over years to stop..
HSBC, 85 million dollar fine Dec 2021 for allowing money laundering..
NAT West Oct 21 fined £264 million by the FCA for allowing money laundering..
The banks are failing to prevent money laundering as they don't want the big money moving through regardless of its origin..
"
Sorry repeated this . |
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"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
Pat, welcome back..
New profile but still talking rubbish..
Look at the FinCen reports into 5 major banks in the state's where they're looking at in excess of 2 Trillion dollars of money laundering that they failed over years to stop..
HSBC, 85 million dollar fine Dec 2021 for allowing money laundering..
NAT West Oct 21 fined £264 million by the FCA for allowing money laundering..
The banks are failing to prevent money laundering as they don't want the big money moving through regardless of its origin..
Sorry repeated this . "
No problem..
Good to see other evidence of the failures..  |
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By *ostafunMan
over a year ago
near ipswich |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
"
No and i wont stop if you keep coming out with statements like "the uk is the most two faced country in the world",so feel free to take it personal but as i said before i will call anyone out who i consider are talking crap. |
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By *ostafunMan
over a year ago
near ipswich |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
"
Yes it seems your source is definitely an expert on tax avoidance but also seems to have a grip with Russia, as i said im sure all world banks are awash with bent money heres a little extract about the guy you seem to trust so much.
In 1999, Avisma filed a RICO lawsuit against Browder and other Avisma investors including Kenneth Dart, alleging they illegally siphoned company assets into offshore accounts and then transferred the funds to U.S. accounts at Barclays. Browder and his co-defendants settled with Avisma in 2000; they sold their Avisma shares as part of the confidential settlement agreement.[32]
From 1995 to 2006, Hermitage Capital Management was one of the largest foreign investors in Russia,[33] and Browder amassed millions through his management of the fund. In both 2006 and 2007, he earned an estimated £125–150 million.[34]
In March 2013, HSBC, a bank that serves as the trustee and manager of Hermitage Capital Management, announced that it would end the fund's operations in Russia. The decision was taken amid two legal cases against Browder: a libel court case in London and a trial in absentia for tax evasion in Moscow.[35]
In June 2018, HSBC reached a settlement with the Russian government to pay a £17 million fine to Russian authorities for its part in alleged tax avoidance.[36][37] |
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By *ackal1 OP Couple
over a year ago
Manchester |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
No and i wont stop if you keep coming out with statements like "the uk is the most two faced country in the world",so feel free to take it personal but as i said before i will call anyone out who i consider are talking crap. "
So we claim to be honest and berate third world countries racked with fraud . Our fraud is greater than theirs which is blatantly two faced hypocrisy. You blindly follow the belief that the U.K. is some rose coloured cottage filled green land, with the bank manager playing cricket on the village green at the weekend.
I hope you’re happy staying in your place a tugging your forelock to your betters each week while you live in your delusional world . As Cummings says we only have to get those foolish enough to believe to vote our way.
Please explain how our tax avoidance handling is the greatest in the world is talking crap. You must know more than the world bank and of course government legislation against this around the world is a fairytale.
I thought fab was for open minded fun people and never for one moment thought I’d get a stalker! 
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By *ostafunMan
over a year ago
near ipswich |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
No and i wont stop if you keep coming out with statements like "the uk is the most two faced country in the world",so feel free to take it personal but as i said before i will call anyone out who i consider are talking crap.
So we claim to be honest and berate third world countries racked with fraud . Our fraud is greater than theirs which is blatantly two faced hypocrisy. You blindly follow the belief that the U.K. is some rose coloured cottage filled green land, with the bank manager playing cricket on the village green at the weekend.
I hope you’re happy staying in your place a tugging your forelock to your betters each week while you live in your delusional world . As Cummings says we only have to get those foolish enough to believe to vote our way.
Please explain how our tax avoidance handling is the greatest in the world is talking crap. You must know more than the world bank and of course government legislation against this around the world is a fairytale.
I thought fab was for open minded fun people and never for one moment thought I’d get a stalker!
"
Im happy living in the uk yes of course i am, and as for staying in my place and tugging my forelock i dont seem to notice any of that going on where i live maybe its different your way.
Where have i said our handling of tax avoidance is the greatest in the world can you please point that out to me?  but i do dispute that the uk is the most two faced country in the world.If you read what i said before getting all offended you would have noticed i acknowledged the fact that the city is awash with dodgy money but so is everywhere else, does it need sorting? of course it does but its a global problem and needs sorting out globally.As for me being a stalker i will refrain from replying to your posts in future which of course will suit you down to the ground as you obviously take everything personally if anyone has the audacity to question your wisdom. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
Yes it seems your source is definitely an expert on tax avoidance but also seems to have a grip with Russia, as i said im sure all world banks are awash with bent money heres a little extract about the guy you seem to trust so much.
In 1999, Avisma filed a RICO lawsuit against Browder and other Avisma investors including Kenneth Dart, alleging they illegally siphoned company assets into offshore accounts and then transferred the funds to U.S. accounts at Barclays. Browder and his co-defendants settled with Avisma in 2000; they sold their Avisma shares as part of the confidential settlement agreement.[32]
From 1995 to 2006, Hermitage Capital Management was one of the largest foreign investors in Russia,[33] and Browder amassed millions through his management of the fund. In both 2006 and 2007, he earned an estimated £125–150 million.[34]
In March 2013, HSBC, a bank that serves as the trustee and manager of Hermitage Capital Management, announced that it would end the fund's operations in Russia. The decision was taken amid two legal cases against Browder: a libel court case in London and a trial in absentia for tax evasion in Moscow.[35]
In June 2018, HSBC reached a settlement with the Russian government to pay a £17 million fine to Russian authorities for its part in alleged tax avoidance.[36][37]"
Well to counter this let’s use your favourite news outlet. It explains how Putin muscled for that payment.
https://www.dailymail.co.uk/news/article-10293063/amp/Putins-enemy-Bill-Browder-says-Trump-handed-Russia-won-election.html
Or would you prefer the Australian senator nominating him for the Nobel peace price
https://www.forbes.com/sites/ewelinaochab/2021/12/05/the-man-behind-the-magnitsky-laws-to-be-nominated-for-nobel-peace-prize/amp/
Here’s a good balanced read from Tatler where he admits whilst being a hedge fund manager he played all the games to make money and avoid tax. He changed his tack when his lawyer was killed after he and the lawyer were pushing Putin’s demands back.
https://www.tatler.com/article/bill-browder-vladimir-putin-number-one
Now please explain how a man clearly pushing to open up the fraud involved in avoidance running through the U.K. whilst openly a target of President Putin can’t be credible?
David Cameron arranged to meet Browder after he dismissed him at their first meeting. He at that second meeting apologised after doing his homework and pushed Browder’s aim for heavier laws .
He is now respected for his battle to bring the fraudulent hiding of cash to the worlds attention.
He is not popular with the very rich for obvious reasons. His own change of heart came about when his lawyer was killed by Putin. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"So who made these claims on the radio is he a credible source ? I have no doubt that there is billions of illegal funds sloshing around British banks but i also think they are sloshing around banks in Amsterdam,Frankfurt and Paris too nobody puts all the eggs in one basket especially in finance.So to say Britain is the most two faced country of the world i would have to disagree, why do you feel the need to run your country down all the time ?
The source
Bill Browder the former American hedge fund manager who managed to get The Magnitsky Act passed in America and then again in the EU in 2020 along with similar legislation which is also being pushed by Dominic Raab in this country . Feel free to insult him by questioning his credibility.
As for your comment on putting this country down the world bank stated over 60% of the worlds tax avoidance goes through the U.K. banking system. That’s a country of our size helping rich people avoid paying tax in their own country’s where in many cases people die of starvation.
Feel free to discuss the point I’m making rather than yet again questioning me personally. Just can’t help it can you.
No and i wont stop if you keep coming out with statements like "the uk is the most two faced country in the world",so feel free to take it personal but as i said before i will call anyone out who i consider are talking crap.
So we claim to be honest and berate third world countries racked with fraud . Our fraud is greater than theirs which is blatantly two faced hypocrisy. You blindly follow the belief that the U.K. is some rose coloured cottage filled green land, with the bank manager playing cricket on the village green at the weekend.
I hope you’re happy staying in your place a tugging your forelock to your betters each week while you live in your delusional world . As Cummings says we only have to get those foolish enough to believe to vote our way.
Please explain how our tax avoidance handling is the greatest in the world is talking crap. You must know more than the world bank and of course government legislation against this around the world is a fairytale.
I thought fab was for open minded fun people and never for one moment thought I’d get a stalker!
Im happy living in the uk yes of course i am, and as for staying in my place and tugging my forelock i dont seem to notice any of that going on where i live maybe its different your way.
Where have i said our handling of tax avoidance is the greatest in the world can you please point that out to me? but i do dispute that the uk is the most two faced country in the world.If you read what i said before getting all offended you would have noticed i acknowledged the fact that the city is awash with dodgy money but so is everywhere else, does it need sorting? of course it does but its a global problem and needs sorting out globally.As for me being a stalker i will refrain from replying to your posts in future which of course will suit you down to the ground as you obviously take everything personally if anyone has the audacity to question your wisdom. "
Our tax avoidance is the greatest in the world was my statement not yours so maybe check back.
Two faced is accusing other countries of fraud around tax when we account for more than the rest of the world put together.That’s fact and very two faced.
If you question my point more than happy but not accusing me of bias and talking utter crap.
You accused me of bias the other day too even though I included both lots of cash for MPs Tory Russia and labour China above your post.
You then claimed I had no evidence to prove MPs were being influenced and yet I’d clearly shown above your post an MP being disciplined for taking £10k then recommending said backer who he didn’t know existed before the £10k was paid.
You should maybe read my posts in more detail too and be less eager to throw insults.
I’m only mildly amused by your rude personal comments . Your political points seem to be getting weaker which may explain your change of emphasis .
Have a good night .
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By *ackal1 OP Couple
over a year ago
Manchester |
"Smart lawyers and accountants will work with tax avoidance, as its not illegal.
And we all know that money talks with those two professions!"
Yes very true
The big four accountants carve up the audits but it’s the smart personal accountants who are quietly doing their magic with wealthy individuals too .
All those big companies which go bust but the auditors never get any real comeback even though they knew the company was in trouble years before .
Too big to fail culture maybe but also big enough to hide the issue .
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"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/"
. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. |
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By *irldnCouple
over a year ago
Brighton |
"Smart lawyers and accountants will work with tax avoidance, as its not illegal.
And we all know that money talks with those two professions!"
Tax Avoidance and Tax Evasion are too completely different things. |
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"Smart lawyers and accountants will work with tax avoidance, as its not illegal.
And we all know that money talks with those two professions!
Yes very true
The big four accountants carve up the audits but it’s the smart personal accountants who are quietly doing their magic with wealthy individuals too .
All those big companies which go bust but the auditors never get any real comeback even though they knew the company was in trouble years before .
Too big to fail culture maybe but also big enough to hide the issue .
"
. However auditors would refuse to sign off the accounts if they knew that company was in trouble . An audit is simply a snapshot of a companies financial position at a particular point in time . Auditors have no control if consumers lose confidence in a companies services and the decline can be very rapid once that starts.
The problem is more likely to be that people so not read the notes behind the accounts and assumptions made in sufficient detail.
In any event when I company goes under it is generally shareholders who lose out .
Most accept that there is a risk to investing and do not seek to blame this parties such as the auditors. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"Smart lawyers and accountants will work with tax avoidance, as its not illegal.
And we all know that money talks with those two professions!
Yes very true
The big four accountants carve up the audits but it’s the smart personal accountants who are quietly doing their magic with wealthy individuals too .
All those big companies which go bust but the auditors never get any real comeback even though they knew the company was in trouble years before .
Too big to fail culture maybe but also big enough to hide the issue .
. However auditors would refuse to sign off the accounts if they knew that company was in trouble . An audit is simply a snapshot of a companies financial position at a particular point in time . Auditors have no control if consumers lose confidence in a companies services and the decline can be very rapid once that starts.
The problem is more likely to be that people so not read the notes behind the accounts and assumptions made in sufficient detail.
In any event when I company goes under it is generally shareholders who lose out .
Most accept that there is a risk to investing and do not seek to blame this parties such as the auditors. "
Yes you’re right but sometimes that snap shot shows insolvency and due to false promises of extra funding it has been ignored .
Shareholders lose but creditors get bitten hard. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"Smart lawyers and accountants will work with tax avoidance, as its not illegal.
And we all know that money talks with those two professions!
Tax Avoidance and Tax Evasion are too completely different things."
Yes we know
Just because avoidance is legal doesn’t make it right. |
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By *ostafunMan
over a year ago
near ipswich |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. "
This cant be right apparently the uk is the most two faced country in the world due to its banking system. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"This money flowing through the banks, is it avoidance money or the evasion type? I trust the banks are making a profit out of it either way"
Both and they have to pay for those bonuses somehow. |
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By *eroy1000Man
over a year ago
milton keynes |
"This money flowing through the banks, is it avoidance money or the evasion type? I trust the banks are making a profit out of it either way
Both and they have to pay for those bonuses somehow. "
Good stuff |
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By *ackal1 OP Couple
over a year ago
Manchester |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. "
Al good points and I agree banking does employ a lot of people and pay a lot of tax relative to other industries .
The term isolated is not correct as the banks have been helping and actively involved in helping company’s and individuals avoid tax for years . Why would they have operations in all the small tax havens of the world specialising in offshore management if they weren’t involved on an ongoing basis?
I think people confuse the retail banking of this country with the much more aggressive investment banking . They are not the same animal.
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By *ackal1 OP Couple
over a year ago
Manchester |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. This cant be right apparently the uk is the most two faced country in the world due to its banking system. "
Two faced in respect of fraud, tax avoidance and evasion . If you must keep going on then at least get it right in respect to the subject. |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
When you transact out they ask for reason if it’s over 5K out to comply with an NTU money laundering. When you transact in , the sender gets the question. If you transact in from an account in your own name, they may also notify HMRC, especially if the account isn’t U.K.
I’m sure the Russians get the same questions and can answer them, they aren’t money laundering in the U.K. or avoiding U.K. tax so U.K. doesn’t care
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"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. This cant be right apparently the uk is the most two faced country in the world due to its banking system.
Two faced in respect of fraud, tax avoidance and evasion . If you must keep going on then at least get it right in respect to the subject. "
. Tax planning to minimise your tax liability is perfectly legal and many would argue that it is responsible to do so. By building up assets you will be less reliant on the government for handouts. Many people in the UK claim relief on pension contributions.
I would think that those who use the foreign subsidiaries are unlikely to be claiming benefits or using the NHS.
It has to be of benefit to the UK to have control of these accounts as opposed to them being in the control of another country.
I think I will rely on the compliance departments of the banks to ensure that all the necessary regulations are adhered to. I cannot see many bank directors wanting to risk being prosecuted for fraud .
They will have worked extremely hard all their life to become a bank director and are hardly going to risk ending up in prison for fraud and in addition probably wrecking their marriage and losing their homes. |
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"He can buy a lot of poison with 200 billion.
Surely his own army needs to take him out? why would they do that?"
Because he’s a thug and a killer. I’m sure the average Russian and certainly the soldiers have no wish to fight their neighbors. |
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By *ackal1 OP Couple
over a year ago
Manchester |
"It is claimed Putin has stolen around £200B from Russia and the said money is held in trust by around 10 confidantes. The people who hide this money are mostly based in the UK and that cash is allegedly controlled through the Uk banks. ( claims made on radio yesterday)
If you or I put relatively small amounts into or out of your bank the bank quite often want to know where it’s from or if it’s leaving who’s getting the cash, so why is it such large sums can freely flow through our banks with impunity.
Yes I’ve seen the small number of prosecutions of a select few criminals having money seized but these sums around Putin are enormous.
Isn’t it time the banks started to clean up their act and our government began to get a grip. Gordon brown said he failed to control the banking risks leading to the crash as he didn’t appreciate how interwoven they were in their dealings.
Are we the most two faced country of the world claiming honesty, integrity and yet being the money laundering capitol of the world?
. If the bank have undertaken their due diligence and regularly review the account there is probably little more they can do.
Banks are hardly going to take any risks by engaging in any activities that are illegal.
We should be very greatfull that many UK banks provide their services free of charge .
It seems due diligence and concerns about legality come a long way after the profit making judging by the these reports below.
There were many more .
https://www.arachnys.com/2020s-largest-aml-fines-show-a-troubling-common-thread/
https://www.bbc.com/news/business-59689581.amp
https://amp.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules
https://glintpay.com/blog/every-top-10-bank-fined-150-billion-laundered-annually/. However we do not judge an profession in life based on a few isolated failures . Anyone can search the Internet and return failures for any section of society or profession .
What matters is the end result. The UK banking system is probably a lot safer than many of those in the rest of the world . In addition it employs many people and pays dividend income to many pension funds and pensions .
Those starting in businness generally rely on banks for their start up capital. We have strict controls against money laundering.
I would much prefer to recognise the contribution of the banking sector to UK society.
In the overall scheme of things a few isolated errors are irrelevant. This cant be right apparently the uk is the most two faced country in the world due to its banking system.
Two faced in respect of fraud, tax avoidance and evasion . If you must keep going on then at least get it right in respect to the subject. . Tax planning to minimise your tax liability is perfectly legal and many would argue that it is responsible to do so. By building up assets you will be less reliant on the government for handouts. Many people in the UK claim relief on pension contributions.
I would think that those who use the foreign subsidiaries are unlikely to be claiming benefits or using the NHS.
It has to be of benefit to the UK to have control of these accounts as opposed to them being in the control of another country.
I think I will rely on the compliance departments of the banks to ensure that all the necessary regulations are adhered to. I cannot see many bank directors wanting to risk being prosecuted for fraud .
They will have worked extremely hard all their life to become a bank director and are hardly going to risk ending up in prison for fraud and in addition probably wrecking their marriage and losing their homes. "
There’s a world of difference between an average worker needing to get tax planning advice and the billionaires siphoning their cash away from HMRC. The people involved certainly don’t need to worry about a pension.
I agree the tax avoiders won’t be claiming benefits but they will be subsidised by our tax laws to the tune of hundreds of millions each year. Remember that when the daily mail goes on about scrounges.
The bank workers will earn bonus etc for handling the cash so maybe tens of thousands in PAYE payments. Compare that to the billions lost to the HMRC. Not a particularly good benefit for the U.K.
Your last point made me smile. . Enron went bust owing 70 billion. People lost their life savings their pensions their homes. Two of the directors of Enron went to jail. Not one banker or auditor went to jail despite the same people being found guilty. Those auditors gave World com a clean bill of health too before it went bust. Those same auditors who gave Enron a clean bill of health went on to work for EY, Deloitte, Accenture and KPMG so they were fine.
NAT WEST fined £264m for laundering millions including bin liners full of cash. Not one person was fined or went to jail for this. They said sorry and they will try harder then paid the fine. Try getting caught fencing a stolen tv or phone and see how you get on. The Billions the banks make in profits is well worth the risk of their actions as they personally will not be held responsible. The banking lobby is too strong and would have a fit.
In the last big banking crisis (remember the reason for austerity measures) 47 people received jail time for their actions . These were Iceland 27, Spain 11, Ireland 7, Cyprus,1, Germany 1, Italy 1, USA 1. Strangely not one U.K. banker despite nearly bankrupting the country with their greedy reckless actions. Source FT.
In the LIBOR rigging crisis 5 people convicted in the U.K. 200 in the USA. These were cases of fraud. So no don’t trust the banks to stick to the rules. The odds are in their favour. Statistically they will more likely lose their marriage and home through an affair. |
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