The United States plans to improve the legislation in the banking sector, to stop the flow of illegal financing

The United States plans to improve the legislation in the banking sector, to stop the flow of illegal financing

02.12.2015 News

совершенствование законодательства  банках в СШАRecently, the Governor of the State of New York spoke with a proposal on the introduction of new banking rules that would have made the system more transparent; reduce the flow of illegal investments. Also, this way the authorities are hoping to protect the banking system from the terrorists.

This week Cuomo plans to discuss the rules that would have extended the responsibility of the New York banks and reduce the possibility of money laundering and the financing of terrorist groups.

In a recent interview Cuomo told that money is the fuel for terrorism and in a situation that is emerging in the world it is necessary to improve the banking system to stop the flow of illicit funds.

The new rules will involve a rigorous system of fines for banks that are not able to prevent illegal transactions. Violation of the rules may lead not only to the dismissal, but also to criminal liability.

The policy is aimed at preventing situations that happened before. As you know, the European financial giants such as Deutsche Bank and Standard Chartered have been accused of involvement to illegal transactions through its branches in New York. The biggest deal in the past year against BNP Paribas France’s biggest bank who pleaded guilty and paid a record fine $ 8.9 billion.

The US policy is to prevent money laundering is even stricter than the existing federal regulations, and it is gaining momentum in the last month, especially after the tragic events in Paris.

According to American politicians, stricter rules in the banking sector are essential, they will help prevent terrorism and reduce the flow of money laundering.

Source: www.nytimes.com

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