The broader question is whether it is reasonable to expect banks to police the financial dealings of rogue nations. There is also a history of UK companies and individuals being caught up in grandstanding by politicians and officials in the US. The Governor of the Bank of England, Andrew Bailey, and Chancellor Jeremy Hunt are concerned about the low level of valuations the stock market is putting on UK banks. One reason the UK financial system is vulnerable to being infiltrated by pariah states, terrorists and criminals is the ease with which it is possible to set up a 'shell' company. In the meantime, experts say the banks need to dig much deeper to unearth what really lies behind shell companies.

Source: Daily Mail February 18, 2024 10:54 UTC