International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Friday, August 15, 2014

Petroleo Brasileiro in a $4.4 Billion Money Laundering Probe

UnknownBloomberg reports that a $4.4 billion money-laundering probe linked to state-run Petroleo Brasileiro SA is spreading to financial institutions as prosecutors investigate whether they met compliance requirements.  Court documents cite units of banks including New York-based Citigroup Inc., Madrid-based Banco Santander SA and London-based HSBC Holdings Plc, as well as Sao Paulo-based Itau Unibanco Holding SA and Osasco, Brazil-based Banco Bradesco SA as holding accounts or executing operations linked to the alleged laundering of 10 billion reais.  Banks have either declined to comment or said they meet compliance requirements.

https://lawprofessors.typepad.com/intfinlaw/2014/08/petroleo-brasileiro-in-a-44-billion-money-laundering-probe.html

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