How did Merrill Lynch miss the red flags?

By Dan Slater | 21 August 2008
Keywords: merrill lynch | chen shuibian

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A look at Merrill’s role in the transfer of large amounts of money on behalf of family members of Taiwan’s former president Chen Shuibian into Swiss bank accounts.

The news that Merrill Lynch may have been involved in possible money laundering by members of the family of Taiwan’s former president, Chen Shuibian, has raised questions about the bank’s internal risk controls.

Merrill Lynch has declined to comment on any aspect of this article, apart from to say that “as is our standard policy, we are cooperating with the authorities”.

The facts of the case, as they have been reported by opposition party legislator Hung Hsiuchu and the press in Taiwan, can be summed up thus: former president Chen Shuibian's daughter-in-law Huang ...

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