The Sound of Corrupt Cash Being Sucked Through Europe

Europe's national regulators are discovering the limits of their ability to police cross-border money laundering in a complex and globalized financial system that's full of holes. Dutch bank ING Groep NV said on Tuesday it would pay 775 million euros ($895 million) to settle a probe into corrupt practices and unusual payments, including sums sent by VimpelCom Ltd. to a firm owned by an Uzbek government official. ING admitted that clients had been able to launder money through their accounts for years.