August 21, 2014

The Shame of PWC

The shame of an American company.  Price Waterhouse Coopers fined $25 million for role in terrorist-state money-laundering

Auditing giant PriceWaterhouseCoopers is getting slapped with a $25 million fine for helping a Japanese bank launder money for terrorist states like Iran, Sudan and Myanmar.
New York’s top financial services regulator is putting the screws to PwC after it aided the Bank of Tokyo-Mitsubishi hide the true nature of the illegal transactions on a 2008 financial statement, according to a settlement between the auditor and state officials announced Monday.

That director was Richard Inserro, who is now a PwC partner dealing in banking and capital markets, a source familiar with the investigation told The Post. 
PwC is also suspended for two years from consulting.

The Bank of Tokyo-Mitsubishi settled last year with Lawsky’s office for $250 million. In May 2008, the Japanese bank told PwC that it had a written policy to strip wire messages of any information that related to countries blacklisted by the US Treasury’s Office of Foreign Asset Control, according to the settlement.

Rebecca Hamiliton calls it Funding Rape, Kidnapping, Beheading and Genocide

About PWC from  Wikipedia

PricewaterhouseCoopers (trading as PwC) is a multinational professional services network. It is the world's largest professional services network, as measured by 2014 revenues, and is one of the Big Four auditors, along with Deloitte, Ernst & Young (EY) and KPMG.

PwC is a network of firms in 157 countries with more than 184,000 people. It had total revenues of $32.1 billion in FY 2013, of which $14.8 billion was generated by its Assurance practice, $8.2 billion by its Tax practice and $9.2 billion by its Advisory practice.

The firm was formed in 1998 by a merger between Coopers & Lybrand and Price Waterhouse.  The trading name was shortened to PwC in September 2010 as part of a rebranding.

As of 2012 PwC United States is the fifth-largest privately owned organization in the United States.

Posted by Jill Fallon at August 21, 2014 11:18 AM | Permalink