A blueprint to make banks behave

Filed under - Financial markets

Opinion by Jermyn Brooks in Reuters Opinion – 5 March 2013
Image of speaker/author

Banking integrity has become an oxymoron. Top bankers need to change this and take responsibility for tackling ethical issues. For this to happen, every part of the organization – from senior management to human resources managers to those on the trading floor and beyond – should be assessed according to the contribution it makes to promoting ethical values, not just the bottom line.

The investigations into the LIBOR rate-rigging scandal showed how commonplace bribery among dealers had become. For example, between September 2008 and August 2009 a single trader at the Royal Bank of Scotland had made corrupt payments to interbank brokers on 30 occasions, by means of risk-free transactions known as “wash trades.”

While the likes of Barclays and RBS have acknowledged wrongdoings and vowed to change course, it’s no longer enough to mollify critics with soothing words, apologies and empty gestures.

Read more on the Reuters website

Country / Territory - International   
Region - Global   
Language(s) - English   
Topic - Accountability   |   Financial markets   |   Private sector   
Tags - Jermyn Brooks   |   Banks   |   LIBOR rate scandal   |   Bonuses   |   Accountability   

Related news

12
Jun
2018

Dirty-money hub Dubai must clean up its real estate sector

Investigations by the Organised Crime and Corruption Reporting Project (OCCRP) and the Centre for Advanced Defence Studies (C4ADS) released today ...

22
May
2018

Conflicts of interest exposed by #WestAfricaLeaks underscore need to rein in anonymous company ownership

Investigations show how easy it is for corrupt public officials, money launderers and other criminals in West Africa to hide behind anonymous ...

2
May
2018

The UK just made it harder for the corrupt to hide their wealth offshore

If counted together, the United Kingdom and its Overseas Territories and Crown dependencies would rank worst in the world for financial secrecy. ...

Related publications

Publication cover image

G20 position paper: Anti-money laundering (2017)

Policy discussions within the confines of a largely closed, expert-driven anti-money laundering (AML) space have not generated sufficiently ...

Policy position published – May 2017

Publication cover image

Doors wide open: corruption and real estate in four key markets

The real estate market has long provided a way for individuals to secretly launder or invest stolen money and other illicitly gained funds. Not only ...

Report published – Mar 2017