Investment Firm Files Resolution at Major Banks Calling for Adoption Of Principles on Global Illicit Financial Flows & Transparency

Clark Gascoigne writes for the Financial Task Force

Global Financial Integrity Applauds Shareholder Initiative

WASHINGTON, DC–Global Financial Integrity (GFI) applauds Harrington Investments, Inc.’s decision to file shareholder resolutions with Citigroup, Bank of American and JPMorgan Chase, calling for the adoption of a policy position addressing the systemic use of the U.S. financial system to both shelter illicit funds and transfer them internationally.

The shareholder resolution follows a difficult year in which we saw Wachovia Bank sanctioned for laundering millions of dollars for South American drug cartels, HSBC agreeing to sanctions from the U.S. Comptroller of the Currency for failure to maintain adequate anti-money laundering programs, and the release of a scathing report by the Senate Permanent Subcommittee on Investigations on the use of the U.S. financial system by corrupt leaders and known criminals. Even the Vatican Bank came under investigation for money laundering this year.

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Download the text of the shareholder resolution

Read the Harrington Investments Press Release

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