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Regulators and institutions appear far apart when it comes to so-called "de-risking," in which banks drop businesses for fear of enhanced regulatory scrutiny, even while policymakers are stepping up their scrutiny of terrorist financing prevention in the wake of recent attacks.
December 30 -
A lack of access to financial services, particularly the inability to transfer funds overseas, can prevent lifesaving work from being carried out and has touched the refugee crisis in Europe, where many aid groups are delivering assistance.
November 4 -
Banks are facing enhanced scrutiny from examiners, causing them to sever ties with businesses they view as high-risk, but regulators are also pressuring them not to close those accounts, fearing financial disenfranchisement.
November 17
In addition to anti-money-laundering scandals involving global banks and worldwide organizations such as FIFA that grabbed headlines last year, there were plenty of damaging laundering convictions and accusations in 2015 that went unnoticed but still took a heavy toll on midlevel banks.
Money laundering is a crime that occurs more often than the general public realizes, and in most sectors of our economy. In the past year alone, charity officials, a mortuary owner, a church director and a doctor providing chemo treatments were at the center of appalling cases you probably never heard about.
Here is my top 10 list for unheralded yet just as disturbing money laundering stories from 2015:
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5. Brian Brown, former president of National Relief Charities, and a co-conspirator, William Peters, were sentenced for stealing $4 million from the organization. There
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7. John "Richard" Ceroni and Adale "Marie" Cernoni, founders of Carnegie Career College,
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After analyzing the data we found that the median of the top 10 unnoticed money laundering cases (minus Le's, who has yet to go to trial) was $1.1 million laundered, $1.1 million paid in restitution and five years in prison. That might seem small compared with the whole of AML cases. The estimated amount of money laundered globally in one year is between 2% and 5% of global GDP, according to the United Nations Office on Drugs and Crime.
But even though the amount of money laundered by the criminals on the list pales in comparison to the cases making national and international headlines, these are hardly victimless crimes. Those cases that slipped through the national media's radar last year likely had a dramatic effect on the people and communities where those crimes took place.
Richard Paxton is the founding partner and CEO of Alacer Group, a consulting firm and technology solutions provider.