Money laundering threatens L. American banks

13:39, May 14, 2010      

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Latin American banks are being threatened by money laundering, Marcelo Di Bello, representative of the Latin American Federation of Banks (Felaban), said Thursday.

Drug-trafficking and weapons-trafficking are the illegal businesses which are seriously threatening financial institutions through money laundering, Bello told Xinhua during the Latin American Congress of Internal Audit and Risk Evaluation (Clain-Felaban 2010), held in Panama City from May 12 to 14.

Noting that corruption and human trafficking are also crimes connected with money laundering, he added that they do not play the same roles as drug- and weapons-trafficking.

"The financial institutions related to these activities could be led to bankruptcy," Bello warned, saying that threats posed by criminal activities could eventually undermine the banks' operations and reputations.

During the conference, a Felaban technical committee prodded the banks to enhance internal control, corporative government and risk evaluation, Bello said.

The Clain-Felaban 2010, sponsored by the Banking Association of Panama, gathers Latin American bankers and finance experts to discuss common policies to improve the development of the regional financial systems.



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