Wising up to the wise guys

  • Print
  • Comments (2)

Readers' comments (2)

  • The opening scene of the Fench movie Anthony Zimmer (Yvan Attal and Sophie Marceau) shows an Interpol inspector explaining to his bosses how Anthony Zimmer, the uncatchable international finance bandit he's been chasing for years, is laundering money:
    in substance, he sets up two companies, one of which starts an arbitration against the other and the money is laundered when the award is paid.

    Unsuitable or offensive? Report this comment

  • I'm not sure how this would work. The first issue is whether the money to be laundered is in the banking system or not. If you have cash (proceeds from drug sales, bribes, tax skim, whatever) an arbitration doesn't help you--if I attempt to deposit cash into my account because that's how the arbitral award was paid will still set off alarms and banks will not accept large cash deposits on the strength of an arbitral award. If the money is already in the banking system, then it is in effect already laundered and an arbitral award won't help all that much to cover the trail. Or am I missing something? The article does not explain how an arbitration could be used to cleanse black money.

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields

Mandatory

Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (2)