Finance

Banks Fight to Keep Dirty Money Hidden

Surprise, surprise: U.S. banks are resisting changes that would make it easier to cut off the cash flow of dictators and corrupt politicians. In particular, American banks are fighting against a proposal from the international Financial Action Task Force that would require banks to identify the person who ultimately profits from the accounts. (Currently, U.S. banks allow accounts to be opened in the name of trusts without identifying the individual beneficiary.) Banks say that type of screening of clients would be too costly.