Since 9/11, most of the draconian laws instituted in the West under the guise of ‘fighting terrorism’ were never meant to actually fight and stop these radical groups, but instead they were created to instill fear, and remove liberties from the people’s of these countries. And one does not have to go very far to realize this than to look just 10 days ago in Paris where a small group of terrorists were able to inflict massive amounts of violence under the noses of a government that already had massive surveillance and wiretapping systems already in place to protect against incidents like this.
But besides communication and coordination, terrorists also need funding to be able to carry out their horrific objectives. And in a new report from the watchdog group, Transparency International, a study on one of the most surveilled cities in the world shows that very little has been done to secure their banking systems from being used as a monetary conduit for terrorists, and that their banks are wide open to playing a big role in today’s terrorism.
Britain’s anti-money laundering system is “woefully inadequate,” leaving the country wide open to dirty money and terror funding, a leading anti-corruption group said Monday.
A report from Transparency International argues that UK’s financial supervision is in need of a radical overhaul, as each year billions of pounds of dirty money passes through the UK.
It says the system is too fragmented to be effective.
“The UK supervision system which should be protecting the country from criminal and terrorist funding is not fit for purpose,” said Nick Maxwell, Transparency International’s UK head of advocacy and research.
“Those vulnerabilities can be exploited by sophisticated terrorist organizations as well as the corrupt.”
The report also warns that penalties for professionals who don’t comply with anti-money laundering regulations are too small to be a deterrent. – Russia Today
Britain’s banks have already been ‘fined’ by regulators for their roles in aiding money laundering schemes for drug cartels, as seen in 2012 when HSBC paid $1.9 billion to cover for their role in this illegal activity. And since no one was ever held accountable for the monies funneled into the West to pay for the attacks on 9/11, it is highly unlikely that necessary protocols will be put in place now since the profits earned from money laundering far outweigh the cost of paying small fines if caught.
The entire concepts of the war on terror and the war on drugs have little to do with actually fighting and conquering these things, and more about providing new outlets for financial institutions and corporations to make profits through the most lucrative of professions, that being the fighting of wars. And just like the way banks and bankers were hardly indicted for helping to create the factors that almost led to the destruction of the global financial system in 2008, there is almost no possibility that anything will now be done to stop the banks from being conduits for terrorists if there is money to be made, and government policies to be furthered.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.