Dodgy business by international banks remains common, even in seemingly squeaky clean jurisdictions
is accused of money-laundering or sanctions-busting by Uncle Sam, the fallout is often devastating. Consider the case of Halkbank, a big Turkish lender, which was indicted this week by prosecutors in New York for evading sanctions on Iran. When the news broke, its share price sank and yields on its bonds soared as investors worried that it might face crippling punishment.
One option would be for Europe to rely on America to act as the global policeman. Its financial enforcers are happy to use their extra-territorial legal powers to punish banks outside their own borders, and they find it easier to get hold of information because they can threaten to cut off lenders and their counterparties from access to the global dollar-payments system. Whenwas caught helping drug cartels move money around, America fined it $1.9bn and the bank promptly cleaned up its act.
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