A stunning 24% of Morgan Stanley's international wealth-management accounts were deemed high risk for money laundering, underscoring potential negligence in client vetting.
Morgan Stanley's internal report indicated that its anti-money-laundering controls are 'weak' due to 'longstanding issues globally' concerning the enhanced due diligence process.
Money laundering is a pervasive global issue, with the UN estimating that $2 trillion is laundered annually, equating to 2% to 5% of global GDP.
The investigation reveals that dubious business ventures under Morgan Stanley's management raise questions about the ultrarich exploiting loopholes in the financial system.
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