Total Eradication of Money Laundering Transactions from Corporate Banking Credit and Trade Finance Divisions

Yacoub Sifri addresses the need for banks to completely eradicate money laundering transactions from their corporate credit and trade finance divisions. The supervision of the central banks are inadequate to prevent organized commercial crime from executing these illegal money laundering transactions. Hence, other governmental bodies like the ministry of finance, anti corruption department or even the parliament must also place banking operations under additional effective controls. Furthermore, banks must ensure that their credit executives, managers and officers are qualified to detect the legitimacy of the customers' activities depicted by the financial statements presented to the banks. Banks must also ensure they only grant limits of facilities to clean customers who only carry out legitimate activities.