Statements 17

Bank Directors Should Be Held Responsible For Money Laundering
  
 
Speaking in the House of Commons on 21 March 2017 during a statement on the allegations that UK banks had laundered £761m for stolen money or money associated with criminal activity Sammy said :
 
There is a long list of financial misdemeanours committed by UK banks for which no one has ever been held to account. Irresponsible lending which wreaked the economy, mis-selling of financial products which ripped off customers, manipulation of financial markets to enhance bank profits and now hundreds of millions of pounds of money from criminal activities laundered through the banks to the benefit of Russian based crime lords.
 
It has been claimed that this has been made possible because directors of banks see compliance with money laundering rules as an expense without a return. As a result checks which should be carried out are not.
 
Sammy asked the Minister for an assurance that there would be a full criminal investigation into these allegations and an assurance that the directors of banks which had turned a blind eye to where money came from in pursuit of profit would find that slack compliance would carry personal consequences for them.
 
Ordinary people are subject to tight rules when seeking to open an account just because someone else brings hundreds of millions to a bank does not mean that they should be treated differently and if that does happen the directors should feel the full weight of the law.

 


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