GFI and 16 Other Groups Send Letter to FinCEN Urging Enhanced Customer Due Diligence Requirements for U.S. Banks and Real Estate Professionals
WASHINGTON, DC – Global Financial Integrity (GFI) and sixteen other civil society organizations called on the U.S. Department of the Treasury to curb money laundering in the U.S. financial system by requiring real estate professionals and financial institutions to know their customers. In a letter to the Financial Crimes Enforcement Network (FinCEN), the Treasury Department division charged with combatting money laundering with financial intelligence, the transparency groups note that the current secrecy surrounding anonymous company ownership and the lack of due diligence in the real estate sector open the U.S. financial system to rampant abuse by criminals and kleptocrats.
GFI and 16 Other Groups Send Letter to Treasury Department Urging Efforts to Combat Money Laundering through Real Estate and Curb the Abuse of Anonymous Companies at Banks
On March 10, 2015, Global Financial Integrity and 16 other organizations sent a joint letter to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury charged with combatting money laundering. The letter calls on FinCEN to require due diligence in the real estate sector and to require enhanced due diligence by financial institutions by requiring them to know the true, human, beneficial owners of all accounts opened in their bank.
Top Wall Street Banker Understood the Need for Transparency in the Global Financial System
“A True American Statesman and Hero”
WASHINGTON, DC – Global Financial Integrity (GFI) praised John C. Whitehead, a longtime member of the organization’s Advisory Board, as a true American hero and champion of ethics on Wall Street upon his passing at the age of 92 on Saturday. A World War II veteran, who commanded a D-Day landing craft ferrying troops to Omaha Beach, Mr. Whitehead went on to lead Goldman Sachs and the Federal Reserve Bank of New York before serving as Deputy U.S. Secretary of State under President Ronald Reagan. Mr. Whitehead most recently led efforts to help rebuild Manhattan following the September 11th terrorist attacks and served as Chairman of the World Trade Center Memorial Foundation.
Swiss Leaks Findings Emblematic of Opaque System Illegally Draining US$1 Trillion Annually from Developing Economies
GFI: Bankers and Bank Executives Must be Held Accountable for their Behavior
WASHINGTON, DC – Leaked HSBC documents revealed today by the International Consortium of Investigative Journalists (ICIJ) highlight a culture of corruption in the international banking system that goes far beyond the world’s second biggest bank, noted Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. Featured Sunday evening on CBS News’ 60 Minutes program, the files allegedly highlight how the Swiss branch of the bank meticulously catered to some of the world’s biggest dictators and criminals, and they are but the latest example of a global bank gone rogue.
GFI’s Heather Lowe Testified at Public Hearing against Exempting Credit Suisse from U.S. Regulation Barring It from Claiming Preferential Asset Manager Status in Wake of Criminal Tax Evasion Conviction
WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe testified Thursday at a U.S. Department of Labor hearing where she cautioned policymakers against granting Credit Suisse AG (Credit Suisse) a special exemption from U.S. regulations barring it and its affiliates from receiving preferential asset manager treatment after the bank was criminally convicted of willfully aiding in U.S. tax evasion on an industrial scale over many years.
Testimony Urged U.S. Department of Labor to Reject Proposed QPAM Waiver by Credit Suisse
Heather Lowe, GFI’s legal counsel and director of government affairs, testified at a U.S. Department of Labor hearing in Washington on January 15, 2015, urging the department to maintain a ban on Credit Suisse’s ability to engage in high-risk transactions with the pension fund money that they manage following their November 2014 criminal conviction for aiding in tax evasion and the Swiss bank’s long history of systemic compliance failures at the institution and its affiliates.
Public Hearing to Consider Proposed Credit Suisse Exemption from U.S. Regulation Barring It from Claiming Preferential Asset Manager Status in Wake of Criminal Conviction
GFI Expert to Testify in Favor of Financial Integrity, Rule of Law, and Protection of Retirement Funds; Will Recommend Rejection of Proposed Waiver
WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify at the U.S. Department of Labor on Thursday during a public hearing considering whether Credit Suisse AG (Credit Suisse) should be granted an exemption from U.S. regulations barring it and its affiliates from receiving preferential asset manager treatment after the bank was criminally convicted of willfully aiding in U.S. tax evasion on an industrial scale over many years.
This letter constitutes a formal request by Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity, to testify at the U.S. Department of Labor public hearing on January 15, 2015, discussing the proposed individual exemption involving Credit Suisse AG’s ability to continue enjoying the privileges of “Qualified Professional Asset Manager” (QPAM) status.
