L.B. Files
President
The American Anti-Corruption Institute (AACI)
Tempe, AZ
February 17, 2016. The Financial Times published a letter submitted by L.B.Files. Part of what was published is stated below.
"Sir, Peter Sands, the former chief executive of Standard Chartered Bank, has claimed that removal of high-denomination bank notes will deter crime. This is nonsense.
After more than 25 years of investigating fraudsters and now corrupt persons in more than 90 countries, I can tell you that only in the extreme minority of cases was cash ever used — even in corruption cases. A vast majority of the funds moved involved bank wires, or the purchase and sale of valuable items such as art, antiquities, vessels or jewellery."
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