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8/18/14, "PwC fined $25 million for role in terrorist-state money-laundering," NY Post, Kevin Dugan
"Auditing giant PriceWaterhouseCoopers is getting slapped with a $25
million fine for helping a Japanese bank launder money for terrorist
states like Iran, Sudan and Myanmar.
New York’s top financial services regulator is putting the screws to
PwC after it aided the Bank of Tokyo-Mitsubishi hide the true nature of
the illegal transactions on a 2008 financial statement, according to a
settlement between the auditor and state officials announced Monday.
A PwC director, who is now a partner at the firm [Richard Inserro], was at the center of the scandal, The Post has learned.
PwC helped the leading Japanese bank hide its ties to the terrorist
states by whitewashing the language in its audit report to make it less
likely it would draw the attention of Ben Lawsky, superintendent of the
New York Department of Financial Services, and other regulators,
according to the settlement.
PwC is also suspended for two years from consulting....
The Bank of Tokyo-Mitsubishi settled last year with Lawsky’s office for $250 million.
In May 2008, the Japanese bank told PwC that it had a written policy
to strip wire messages of any information that related to countries
blacklisted by the US Treasury’s Office of Foreign Asset Control,
according to the settlement.
The auditors then let the bank’s lawyers dictate specific parts of
the report, scrubbing any mention of any special instructions to it
employees and said that the data was complete and their methodology was
appropriate.
The case comes after Lawsky’s agency slammed French bank BNP Paribas
with an $8.9 billion fine for laundering money to entities in Iran,
Sudan and Cuba — the largest such fine for a bank."
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8/18/14, "Funding
Rape, Kidnapping, Beheading, and Genocide: Price Waterhouse Coopers
Fined $25 M for Terrorist-State Money Laundering," patheos
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