On the Long-arm Jurisdiction in Anti-money Laundering
On the Long-arm Jurisdiction of Anti-money Laundering Cases
姓 名： 王XX 刘XX
院 系： XX学院
专 业： XX
Contents
Abstract
Since 2009, many European international banks including HSBC, have been punished by anti-money laundering regulatory penalties of United States. Why the U.S. financial sanctions and regulations can be imposed on the banks of other countries? The answer lies in "long-arm jurisdiction". Long-arm jurisdiction is a unique jurisdiction system of the United States, with great flexibility to adapt to the complicated social reality in U.S. However, with the development of global economy integration, America has been taking advantage of its strong national power to intervene in foreign cases even implement financial sanctions continuously by using this jurisdiction system, which seriously infringe on financial sovereignty and jurisdiction of other countries.
Key Words
Long-arm jurisdiction, money laundering, the United States
1 Case Analysis
1.1 Case of HSBC
（USA Eastern time）July 17, a U.S. Senate subcommittee holds a hearing on HSBC money laundering investigation. Investigation team reported that HSBC supervision was too loose to effectively prevent Mexican drug cartels cleaning tens of billions of dollars of black money in the United States in the past seven years. Some U.S. Senators even also pointed out that the HSBC’s license should be revoked. HSBC attend the USA Senate Standing investigations subcommittee hearing, and Britain 's HSBC Chief Compliance Officer David Bagley accepted the inquiry of American Senate. He admitted that HSBC has become the money laundering tools of some drug gangs and terrorist as well as failed to meet the expectations of regulators in the past years. In addition he apologized for that, and then announced the resignation.
December 11, according to Bloomberg’s report, the relevant
姓 名： 王XX 刘XX
院 系： XX学院
专 业： XX
Contents
Abstract
Since 2009, many European international banks including HSBC, have been punished by anti-money laundering regulatory penalties of United States. Why the U.S. financial sanctions and regulations can be imposed on the banks of other countries? The answer lies in "long-arm jurisdiction". Long-arm jurisdiction is a unique jurisdiction system of the United States, with great flexibility to adapt to the complicated social reality in U.S. However, with the development of global economy integration, America has been taking advantage of its strong national power to intervene in foreign cases even implement financial sanctions continuously by using this jurisdiction system, which seriously infringe on financial sovereignty and jurisdiction of other countries.
Key Words
Long-arm jurisdiction, money laundering, the United States
1 Case Analysis
1.1 Case of HSBC
（USA Eastern time）July 17, a U.S. Senate subcommittee holds a hearing on HSBC money laundering investigation. Investigation team reported that HSBC supervision was too loose to effectively prevent Mexican drug cartels cleaning tens of billions of dollars of black money in the United States in the past seven years. Some U.S. Senators even also pointed out that the HSBC’s license should be revoked. HSBC attend the USA Senate Standing investigations subcommittee hearing, and Britain 's HSBC Chief Compliance Officer David Bagley accepted the inquiry of American Senate. He admitted that HSBC has become the money laundering tools of some drug gangs and terrorist as well as failed to meet the expectations of regulators in the past years. In addition he apologized for that, and then announced the resignation.
December 11, according to Bloomberg’s report, the relevant
References: [9]China Daily Website: www.boc.cn [10] Levitt9U.Pa.J.Int 'lBus.L.713(1987)