August 10, 2012 (EIRNS)–Rowan Bosworth-Davies, a former London
Metropolitan Police (New Scotland Yard) Fraud Squad detective and
the former head of investigations for City regulator FIMRA, the
predecessor to the FSA, has denounced the cries of ‘unfair’
coming from sections of the City after the announcements from New
York State’s Department of Financial Services on Standard Charter
Bank’s money laundering.
He states on Aug. 9 on his website, “They don’t seem to
understand that the American authorities are growing very
concerned with the way that just about every major financial
scandal seems to emanate from London or has a London element.
Barclays bank, the LIBOR scams, HSBC, and the money laundering
evidence, the billion dollar derivatives losses caused to J.P.
Morgan Chase, were all orchestrated from London; there are
further U.S. investigations into RBS, [and] it all adds up to an
orchestrated level of regulatory failure and the Americans are
In his Aug. 7 website statement, which he has made available
for publication by Executive Intelligence Review (EIR), he
stated, “Now, with yesterday’s news about Standard Chartered Bank
and their wholesale diregard of U.S. laws on sanctions, my belief
is reinforced even more strongly. I hope that the U.S.
regulatory agency which has reported on SCB makes sure that their
licence to conduct financial business in New York is removed.”
“…Executives of the major banks have decided they are `too
big to jail,’ and international laws do not apply to them when
they become inconvenient.”
In an exclusive interview with EIR, Aug. 10, Bosworth-Davies
stated, ” A Glass-Steagall facility is a vital and fundamental
requirement to begin recreating a fair and honest banking sector,
and should be a non-negotiable issue for our Government and the
bank regulators.” He added, “That is why the Standard Chartered
Bank case is of such importance and why the regulators must stay
strong and stick to their principles, if the evidence is clear.
Let the chips fall where they may!”
Rowan Bosworth-Davies has decades of experience working with
U.S. investigators and is not unknown to numerous former
prosecutors from New York who support Glass-Steagall.
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