Major banks moved vast sums of illicit money: ICIJ

22 September 2020 09:38 am - 1 - {{hitsCtrl.values.hits}}

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Points finger at JP Morgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon

(Washington) AFP: Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.

“Profits from deadly drug wars, fortunes embezzled from developing countries and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ).

The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financial law enforcement agency, FinCEN, by banks from around the world.

“These documents, compiled by banks, shared with the government but kept from public view, expose the hollowness of banking safeguards and the ease with which criminals have exploited them,” wrote US outlet Buzzfeed News, in the introduction of its report.

The documents relate to US $ 2 trillion in transactions that circulated between 1999 and 2017.

The investigation points in particular to five major banks—JP Morgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon— accused of continuing to move assets of alleged criminals, even after being prosecuted or convicted for financial misconduct.

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Comments - 1

sacre blieu Wednesday, 23 September 2020 09:53 AM

This must have caught on even in Sri Lanka, in some banks and financial institutions, going by the daily dose of discoveries of frauds, bribery and corruption. A good potion of it must have also gone into the stock market here, to launder this illicit wealth ,where it appears the prices pof most stocks, including junk, are very much far ahead of valuations, The worse is that, knowingly the commentators are hiding facts abort it. All those involved should be heavily fined, the money confiscated and heavy jail terms imposed.

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Major banks moved vast sums of illicit money: ICIJ

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