Call the Wambulance. UK regulators say money laundering rules too onerous


How can banksters be expected to effectively launder drug money when pesky regulators keep imposing horrid Draconian rules? Big banks are very very sad because this could cut off known third-world money laundering entities from the supposedly legitimate global system. Inquiring minds want to know why this would be a bad thing.

The over-zealous application of anti-money laundering rules hampering British banks abroad and cutting off poorer countries from global financial markets, a top Bank of England regulator said on Tuesday.

BoE deputy governor Andrew Bailey, who heads the arm of the central bank in charge of most day-to-day financial regulation, said British banks risked being put out of business if they tripped up on foreign money laundering rules.

Banks that launder money should be put out of business. Seems simple enough to me.

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