Kenneth Rijock

Kenneth Rijock

Monday, March 5, 2012

RAISE COUNTRY RISK ON PORTUGAL

The failure by a Portuguese Court, to extradite the convicted murderer and airline hijacker, George Wright, to the United States, after the United States had exhausted every appeal in the Portuguese court system, us extremely disturbing. Wright, who escaped from an American prison whilst serving a 15-to-30 year sentence for murder and armed robbery, hijacked a Delta Airlines passenger jet to the Middle East, collecting a million dollar ransom payment en route. He was living in Portugal under an assumed name.

When courts in a country where you, or clients, do business, fail to follow the rule of law, and make purely political decisions in major court cases, compliance officers at international banks must take note, and adjust country risk accordingly. Should your bank, or its clients, have any financial exposure in that country, whether through investments, trade, or financial instruments, risk that you will not be able to seek justice through that court system increases substantially.




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