U.S. Banks, money laundering and terrorism | WBEZ
Skip to main content


U.S. Banks, money laundering and terrorism

Last December U.S. banking giant HSBC, paid a settlement to the U.S. Treasury Department for moving funds for parties who financed militant groups like Hezbollah. This came on the heels of a U.S. Senate report that accused the bank of having a "pervasively polluted culture," and the institution to act as go-between for dangerous parties in countries including Iran, Mexico, Syria and Saudi Arabia . Now the U.S. government is proposing a rule that would force U.S. banks to know the real identity of anyone who opens an account with them. The Financial Accountability and Corporate Transparency Coalition (FACT), a group of oversight/transparency organizations, has submitted comments encouraging Treasury to strengthen the rule. Heather Lowe, legal counsel and director of government affairs at Global Financial Integrity, will explain the purpose of the FACT's campaign. (photo: Gavriel Mairone, left, and Michael Elsner, attorneys for the plaintiffs in a case against Jordan-based Arab Bank, talks with reporters outside Federal Court, in the Brooklyn borough of New York, Thursday, Aug. 14, 2014. (AP Photo/Richard Drew))

Get the WBEZ App

Download the best live and on-demand public radio experience. Find out more.