Again. If the EU and the US can punish "unconstitutional"  governments, they
ought to be able to punish thievery and graffignette by  their banks and
mining concerns. That is what brings about  "unconstitutional" change of
governments in Africa. Haruna. What do you  think???
Courtesy: BBC News.


Barclays 'corrupt regime' claim

Martin Shankleman
Business reporter, BBC News



Barclays says it has globally applicable anti-money  laundering policies

Barclays Bank has had dealings with one of the world's  most corrupt regimes,
according to a report by the the anti-corruption  campaigners Global Witness.

It says Barclays held an account for the son of the president of  Equatorial
Guinea long after evidence emerged that his family looted state  oil revenues.

Barclays says it operates a global anti-money laundering policy.
It says it complies with "its legal and regulatory obligations in all
jurisdictions in which it operates."


The same lax regulation that created the  credit crunch has let some of the
world's biggest banks facilitate  the looting of natural resource wealth from
poor countries



Gavin Hayman, Global Witness

A US bank was closed down after it admitted breaching money laundering  laws
in its dealings with the regime.
The US bank, Riggs , based in Washington, DC, collapsed in 2004 after  it
admitted its dealings with the rulers of the country had breached US  money
laundering laws.
But Global Witness says that in 2007, the son of the president of  Equatorial
Guinea, Teodorin Obiang, still had an account with Barclays in  Paris.
Luxury life-style
It says a police dossier shows that a cheque drawn on the account had  been
used to help buy a Ferrari 550, part of an "extravagant collection"  of eight
luxury sports cars he bought in France over a period of eight  years.
Global Witness says Teodorin Obiang earns only $4,000 a month as  minister in
his father's government, but enjoys a playboy lifestyle,  including a mansion
in Malibu.

Teodorin Obiang has a luxurious  lifestyle

It says anti-money laundering laws required banks to carry out "due
diligence" to identify their customers and turn down illicitly-acquired  funds, and
queries what checks Barclays carried out on him, and whether it  had ever filed
any suspicious activity reports in relation to his account.
In a statement Barclays said: "Customer confidentiality precludes us  from
commenting on any specific relationship or transaction or, indeed,  whether we
have entered into a transaction or provided financial services  to a person or
entity.
"We confirm that the Barclays Group has globally applicable Anti-Money
Laundering policies aimed at complying with its legal and regulatory  obligations
in all jurisdictions in which it operates."
The case is highlighted in the Global Witness report called "Undue
Diligence" which details other examples of banks dealing with suspect  regimes.

President Obiang has ruled his country since  1979

It claims that dozens of British, European and Chinese banks have  provided
Angola's opaque national oil company with billions of dollars of  oil-backed
loans.
Gavin Hayman, Campaign Director, said: "The same lax regulation that  created
the credit crunch has let some of the world's biggest banks  facilitate the
looting of natural resource wealth from poor countries.
"If resources like oil and timber are to truly help lift Africa and  other
poor regions out of poverty, then banks must be made to stop doing  business
with corrupt dictators and their  families."
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