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The role of banks in corruption

Tom Fox | October 10, 2017

Corruption does not exist in a vacuum. It still may be possible to bribe a government official the (very) old fashioned way: with bags of cash, literally carried across a border. The much more modern equivalent is via wire transfer. A recent report spoke once again to the role of banks in modern day bribery and corruption. Without the acquiescence of these international banks, the worldwide scale of corruption might not be so great.

This case is about allegations of bribery to purchase votes on the International Olympic Committee (IOC) for the selection back in 2009 of Rio de Janeiro to host the 2016 Olympics. It turns out that immediately before the vote, a Brazilian businessman, Arthur Cesar de Menezes Soares Filho, transferred $2MM to accounts controlled by Papa Massata Diack, who was an IOC member at the time. Some five days later, however, “the money was sent back by the bank...

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