Money-Laundering Crackdown Hits Hard In Developing World

Law360, New York (November 9, 2015, 7:11 PM EST) -- Banks in developing countries have been hit hard by the U.S. crackdown on financing for terrorist groups and criminal organizations, making it difficult for people in those countries to get funds from the rest of the world in order to grow their businesses or in some cases to get by, experts say.

U.S. financial regulators have increased their scrutiny of banks' compliance with anti-money-laundering regulations and the Bank Secrecy Act since the Sept. 11, 2001, terrorist attacks. That scrutiny has led to billions of dollars in penalties for banks that have been found complicit in violations or have failed to put...

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