Thursday, 14 May 2009

Money Laundering

It is interesting to compare parliament's current difficulties over expenses with the much maligned un-regulated financial markets. This crisis didn't happen overnight - the chap in charge of the fees office told Michael Martin that there was a problem more than five years ago.
Whilst claiming these expenses isn't money laundering (its more like theft), the general case applies that in banking:

If you assist a money launderer – max 14 years’ imprisonment, a fine, or
Tipping off a money launderer – max 5 years’ imprisonment, a fine, or both;
Failure to Report a money launderer – max 5 years’ imprisonment, a fine, or both

Michael Martin has clearly failed to act upon reports of theft and fraud yet he faces no sanction. So much for bankers taking lessons from politicians.

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