Illicit Finance

Rules to name, shame, and punish banks, whose clients may funnel money to terror groups, are denying much-needed funds to developing countries.

Rules to name, shame, and punish banks, whose clients may funnel money to terror groups, are denying much-needed funds to developing countries. It’s a clash of two sets of sound policies, says Clay Lowery, former assistant secretary for international affairs at the US Treasury and the chair of...

It’s a worry for many people that legitimate cross-border transactions - including vital remittances sent home by migrant workers - are becoming prohibitively expensive and burdensome because of over-zealous enforcement of anti-money laundering rules.  Would cryptocurrencies such as bitco...

In a few weeks’ time Australia’s Westpac bank will start closing down the accounts of money transfer organizations used by immigrants to send money home. Westpac is the last major Australian bank still offering services to organizations in the country’s US$25bn remittance sector. ...