Price Waterhouse Coopers has been fined $25 million for participating in a terrorist-funding money-laundering scheme with Japanese Bank of Tokyo-Mitsubishi.
Remember when I said that I didn’t think the Japanese were helping to fund ISIS/Boko Haram/Islamic Brotherhood/Hamas? Well, I was wrong. Ditto for the Europeans. And us.
It appears that Price Waterhouse Coopers and the Japanese Bank of Tokyo were working together to launder money for the people who are beheading babies and raping little old ladies in the Middle East. Meanwhile the French bank BNP Paribus got clipped for doing the same thing.
Investigations into Price Waterhouse Cooper money laundering involving terrorist states go back at least to 2003, when America was engaged in the war in Iraq and Afghanistan. However, the settlement and fine of August 18, 2014 is a new story.
Evidently, this money laundering these banks and accounting firms engaged in was with states that have been sanctioned for terrorist activities. It is not unreasonable to think that these monies were then circulated through terrorist networks. The prohibitions that Price Waterhouse Cooper, Japanese Bank of Tokyo-Mitsubishi and PNB Paribas violated by laundering money were with places like Iraq (remember we were at war with Iraq when the investigation against Price Waterhouse Cooper began) Sudan and Iran.
I don’t think it’s a big leap to think that this money may have ended up in the hands of active, murdering terrorists.
I wonder how much of this money found its way into the coffers of the people our troops have had to face in that part of the world? Where did the laundered money come from? Have these banks been helping to buy the bullets and the bombs that are used against American soldiers?
I do not think a fine is anywhere near enough punishment for this. These people belong in prison.
Greed may not be, as Gorden Gekko said, “good.” But he was certainly right when he said that it clarifies.
From the New York Post:
Auditing giant PriceWaterhouseCoopers is getting slapped with a $25 million fine for helping a Japanese bank launder money for terrorist states like Iran, Sudan and Myanmar.
New York’s top financial services regulator is putting the screws to PwC after it aided the Bank of Tokyo-Mitsubishi hide the true nature of the illegal transactions on a 2008 financial statement, according to a settlement between the auditor and state officials announced Monday.
A PwC board member, who is now a partner at the firm, was at the center of the scandal, The Post has learned.
PwC helped the leading Japanese bank hide its ties to the terrorist states by whitewashing the language in its audit report to make it less likely it would draw the attention of Ben Lawsky, superintendent of the New York Department of Financial Services, and other regulators, according to the settlement.
PwC is also suspended for two years from consulting.
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