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SWIFT kick: Iranian banks about to be cut off from global financial network

By ethan / November 12, 2018

Banks in Iran have started sending letters to their branches, informing them that they will be cut off from the international financial messaging system SWIFT starting Monday. Being cut off from SWIFT makes it difficult for Iran to get paid for exports and to pay for imports. SWIFT’s chief executive Gottfried Leibbrandt had earlier confirmed […]

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Credit Suisse lambasted by financial watchdog over FIFA money laundering

By ethan / September 17, 2018

Switzerland’s financial supervisor FINMA says one of the country’s largest banks, Credit Suisse, failed to properly oversee its anti-money laundering procedures for FIFA, as well as Brazil’s and Venezuela’s state oil companies. According to the regulator, the banking multinational showed serious “deficiencies” in its attempts to counter illegal financial activities when dealing with soccer’s ruling […]

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Wall Street bankers never punished for massive fraud leading to 2008 financial crisis

By ethan / September 15, 2018

As the world marks the 10th anniversary of the worst financial crash in recent history, it’s worth looking into who was held responsible for knowingly issuing fraudulent mortgages that led to the crisis. On 15 September 2008, legendary Wall Street banking giant Lehman Brothers went bust. The 158-year-old investment bank was heavily involved in subprime […]

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Decade after financial crisis JPMorgan predicts next one’s coming soon

By ethan / September 13, 2018

With the 10th anniversary approaching of the catalyst for the last major global stock market crash – the Lehman Brothers’ collapse – strategists from JPMorgan are predicting the next financial crisis to strike in 2020. Wall Street’s largest investment bank analyzed the causes of the crash and measures taken by governments and central banks across […]

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Europe working on payment system alternative to SWIFT & IMF to attain financial independence from US

By ethan / August 27, 2018

German Foreign Minister Heiko Maas says Europe has started work on creating a system for money transfers that will be autonomous from the currently prevailing Society for Worldwide Interbank Financial Telecommunication (SWIFT). “That won’t be easy, but we have already started to do that,” Maas said at the annual Ambassadors Conference in Berlin on Monday, […]

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