US, Others Investigate Andorra Bank

A bank in the tiny European state of Andorra has become the focus of investigations by the United States, Venezuela, and others as a locus of corruption activity.

Andorra is a tiny speck of a state – only 468 square kilometers – on the eastern border between France and Spain. Because it is independent, Andorra has become a center for financial services. A major bank there stands accused of being deeply mired in multinational corruption.

Banca Privada d’Andorra (BPA) has been named as a money laundering operation by the U.S. Treasury’s Financial Crimes Enforcement Network. BPA is also under investigation by other nations for laundering and other illicit activities.

U.S. Treasury said in a March news release that “for several years, high-level managers at BPA have knowingly facilitated transactions on behalf of third-party money launders acting on behalf of transnational criminal organizations.”

BPA holds some $6.3 billion in assets and has about 15,000 clients.

More here: US, Others Investigate Andorra Bank

Herein lies the problem... accountability.

“There will not be substantial progress on combatting money laundering through major financial institutions until individual actors [officials] within those banks feel they will be held accountable for their actions.”

Where does the "its just part of my job" justification end, and real personal criminal liability begin?

Quote:

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Originally Posted by bowie

Where does the "its just part of my job" justification end, and real personal criminal liability begin?

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when you get huckled.

Proving the "knowingly" may be a problem.