London: Money laundering capital of the world

[Vikrant]

UK gives shelters to snakes like these and then complains when they strike.

---

NEW DELHI — India on Sunday revoked the passport of a flamboyant Indian businessman accused of fleeing to London in March while owing more than a billion dollars to Indian banks.

External Affairs Ministry spokesman Vikas Swarup said the decision to revoke Vijay Mallya's passport was taken considering the evidence gathered by India's Enforcement Directorate, which has been investigating the tycoon's massive debts.

The ministry was also consulting legal experts on seeking Mallya's deportation from the UK to face charges of money laundering and financial irregularities.

...

http://www.nytimes.com/aponline/2016/04/24/world/asia/ap-as-india-businessmans-debts.html?_r=0

 

[Andylusion]

Criminals flee to other countries routinely. I highly doubt London will prevent his deportation.

 

[Maggdy]

"...while being pursued by banks for debts totaling 90 billion rupees ($1.3 billion)..."

Perhaps he is an bank robber? He never be able to repay the wasted loans? The Indian banks went bankrupt?

 

[Toro]

I've heard London described as such by others.

Still, I love the city.

 

[Vikrant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

 

[Phoenall]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

 

[Andylusion]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

 

[Vikrant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

As usual you are wrong:

a. I did not post anything about Tel Aviv last year
b. India does not even come close to UK on money laundering.

(I think you are mistaking India with Israel.)

 

[there4eyeM]

For 'city', New York.
For 'beauty', Paris.

 

[Vikrant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

 

[Tommy Tainant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

FCA fines Barclays £72 million for poor handling of financial crime risks - Financial Conduct Authority

HSBC to pay $1.9bn in US money laundering penalties - BBC News

HSBC to pay record £28million money laundering fine

RBS handed FSA's biggest fine for lapses over money laundering rules

FCA fines Lloyds Banking Group firms a total of £28,038,800 for serious sales incentive failings - Financial Conduct Authority

Nope, Londons financial sector is spotless.

 

[Andylusion]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

 

[Tommy Tainant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

I am not sure I agree with you 100%. A lot of these things are illegal in the UK. Its just that our authorities are light years behind their US counterparts in dealing with the problems.

I dont imagine that the Ukraine shell company scam would last long in America.

 

[Toro]

For 'city', New York.
For 'beauty', Paris.

I like London better than New York.

 

[Vikrant]

I've heard London described as such by others.

Still, I love the city.

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

That exactly is the problem I am alluding to. The fact that UK banks do not think it is wrong to allow drug dealers and embezzlers to deposit money into their bank is the issue.

 

[Vikrant]

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

I am not sure I agree with you 100%. A lot of these things are illegal in the UK. Its just that our authorities are light years behind their US counterparts in dealing with the problems.

I dont imagine that the Ukraine shell company scam would last long in America.

I think it is a combination of both. There is corruption among UK banking elites and also their banks lack adequate monitoring mechanism.

 

[Andylusion]

It is a beautiful city but it does not need to have money launders. I think it will become prettier without them.

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

I am not sure I agree with you 100%. A lot of these things are illegal in the UK. Its just that our authorities are light years behind their US counterparts in dealing with the problems.

I dont imagine that the Ukraine shell company scam would last long in America.

You think so? It's just a matter of lax enforcement? Then why was that one bank, I'll have to look it up to see which, all they did was close their US banks, and they continued right along doing what they had been. They operated in numerous other countries including the UK. Certainly all the other nations they operated in, were aware of the US court action that closed down those banks. None of them did anything? They are all lax, even though the actions were illegal in all of them?

That would be shocking to me.

 

[Andylusion]

For 'city', New York.
For 'beauty', Paris.

I like London better than New York.

I hated Paris. London was better in general. Although maybe it was because I was so glad to hear someone talk, that I could understand after a week and half in Europe.... even though the first English words spoken to our tour group, was to curse at us for being in the road... which we quickly fixed, and then the entire group laughed. After 11 or 12 days of wandering around Europe saying "what?" to everyone, and looking for translators, our first welcome to the UK was "oh bloody **** get out of the road **** **** ******".... It was a relief, and yet hilarious.

Italy was the worst though. Only because we felt like we had to provide a human shield around the women. Not sure if anything has changed, but young girls by themselves in Italy was like watching hungry predictors on the Serengeti circling wounded Gazelle. Our tour leaders actually instructed the boys... stay near the girls. It was pathetic honestly.

 

[Vikrant]

more money laundering goes on in India than the rest of the world coined.
and didn't you post the same thing about Tel Aviv just last year ? ? ? ? ?

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

I am not sure I agree with you 100%. A lot of these things are illegal in the UK. Its just that our authorities are light years behind their US counterparts in dealing with the problems.

I dont imagine that the Ukraine shell company scam would last long in America.

You think so? It's just a matter of lax enforcement? Then why was that one bank, I'll have to look it up to see which, all they did was close their US banks, and they continued right along doing what they had been. They operated in numerous other countries including the UK. Certainly all the other nations they operated in, were aware of the US court action that closed down those banks. None of them did anything? They are all lax, even though the actions were illegal in all of them?

That would be shocking to me.

The bank that was forced to close was HSBC. It routinely allowed drug dealers from Latin American countries to deposit large sums of US dollars into its branches in Latin American countries. Then, the bank dumped that illegal money into US market via lending. It is not just the US, India too banned HSBC for the same reasons. Germany too had problems with UK along the same line.

There are a number of countries that have strong stance against money laundering. Also, there are a number of countries that facilitate money laundering; UK is not the only one. Pakistan and China are also known for money laundering activities.

 

[Andylusion]

The problem there is, it depends on what you define as money laundering.

Let's take jaywalking. Jaywalking down town, is any time you cross the street outside of a cross walk.

Jaywalking in my suburb of Hillard, is any time you cross the street in disregard of oncoming traffic. We never use the cross walks, because its a low-traffic suburban road.

What *IS* Jaywalking downtown, is *NOT* Jaywalking in the suburbs.

If you were to apply the downtown law, to my suburb, you would claim "Hilliard Ohio is the Jaywalking capital of Ohio!"

But it's not true, because what we're going isn't against the law here. It's only against the law downtown.

Same exact thing is going on with this 'money laundering' claim.

The US has tighter laws on what is considered money laundering. The UK doesn't have some of those laws. If you apply the US bank laws, to other countries, then it would see like they are the law breaking capital of the world. But it's not against the law there.

"So Money Laundering isn't against the law in the UK?"

No.... Money laundering is against the law in the UK. They just don't consider some actions to be money laundering, that they do in the US.

Just like the laws on Jaywalking are not the same in the suburbs, as they are downtown.

India is not the only country that has issue with UK's money laundering. US also had similar problems with UK banks. Few years back; some UK banks were fined billions of dollars by US government for allowing drug dealers to deposit money into their banks and then circulate that money into US market. One UK bank was so corrupt that it was forced by US government to sell its operations. It was all in news. There is a reason why rich criminals from all across the globe take refuge in UK.

Yeah, the actions they were taking in the UK and elsewhere, isn't illegal. It's illegal here, but not elsewhere. That's why the bank you are referring to, sold it's US operations.

As soon as it did that, it was no longer under US law. The laws of other nations, are not as restrictive. Thus they are operating legally.

BTW, for those who claim deregulation is what caused all our problems, this right here is another example, that we have a far more regulated banking system than most of the world. A ton of the things our banks are not allowed to do, and are regulated, or not regulated in the rest of the world.

Another example is operating in Cuba. Many companies have moved operations into Cuba. If those companies have US operations, they could, and do, get into trouble with US authorities. But if they don't.... there's no problem operating in Cuba. Canada has had companies operating in Cuba since the 1990s.

What is illegal here, is not illegal there.

Whether someone is a criminal, depends greatly on what law system they are under, and what breach you think they have done.

I am not sure I agree with you 100%. A lot of these things are illegal in the UK. Its just that our authorities are light years behind their US counterparts in dealing with the problems.

I dont imagine that the Ukraine shell company scam would last long in America.

You think so? It's just a matter of lax enforcement? Then why was that one bank, I'll have to look it up to see which, all they did was close their US banks, and they continued right along doing what they had been. They operated in numerous other countries including the UK. Certainly all the other nations they operated in, were aware of the US court action that closed down those banks. None of them did anything? They are all lax, even though the actions were illegal in all of them?

That would be shocking to me.

The bank that was forced to close was HSBC. It routinely allowed drug dealers from Latin American countries to deposit large sums of US dollars into its branches in Latin American countries. Then, the bank dumped that illegal money into US market via lending. It is not just the US, India too banned HSBC for the same reasons. Germany too had problems with UK along the same line.

There are a number of countries that have strong stance against money laundering. Also, there are a number of countries that facilitate money laundering; UK is not the only one. Pakistan and China are also known for money laundering activities.

Ok, I thought it might be, but wasn't sure.

But from my reading... which I haven't followed the story till now, when I read about it, they were not sure they were drug dealers. It could have been, but there was no proof of that.

Are they now sure of who was doing what? Or is it still "we think it might" like it was when I was reading about it?