From observations it was the ease of money laundering which may not have caused the financial problems but it did aggrevate them.
I am speaking from a UK base and from UK banking observations but staff and managers in local banking branches did allow a lot of terrrist/criminal monies be laundered through their branches and did not use the 'Know Your Customer' or other money laundering checks and reports to law enforcement bodies.
These security breeches were due to
Staff knowing or knowing people who knew those depositing the monies therefore not carrying out the checks.
Staff having unregistered business associations with those depositing the monies
Staff or Management being afraid to query the deposits for fear of being called racist
Allowing through ignorance the claim that certain normal financial practices or legal obligations could not be carried out due to religious beliefs
That was then, now banking proceedures have been tightened but the banks still are afraid to ask too many questions in case they loose business. So the same financial security violations are carrying on now as before.
There is a very interesting Memorandum of Agreement which has special bearing on this which I can supply details of if anyone is interested as it activly stops the US gaining evidence of criminal/terrorist financial transactions made in or traveling through the UK's banking system.
Security
I am speaking from a UK base and from UK banking observations but staff and managers in local banking branches did allow a lot of terrrist/criminal monies be laundered through their branches and did not use the 'Know Your Customer' or other money laundering checks and reports to law enforcement bodies.
These security breeches were due to
That was then, now banking proceedures have been tightened but the banks still are afraid to ask too many questions in case they loose business. So the same financial security violations are carrying on now as before.
There is a very interesting Memorandum of Agreement which has special bearing on this which I can supply details of if anyone is interested as it activly stops the US gaining evidence of criminal/terrorist financial transactions made in or traveling through the UK's banking system.