'FinCEN' documents state that banks have transferred illegal funds - BuzzFeed, ICIJ

On Sunday, several world banks cited confidential documents deposited by banks with the US government, despite red flags about the origin of the money, which allegedly transferred large sums of illicit funds over almost two decades.

'FinCEN' documents state that banks have transferred illegal funds - BuzzFeed, ICIJ

Media reports were based on reports of suspicious activity (SARS) filed by banks and other financial companies with the US Treasury's Financial Crimes Enforcement Network (FINC).

The storks, numbering more than 2,100, were reportedly acquired by BuzzFeed News and shared with the International A consortium of Investigate Journalists (ICIJ) and other media organizations.

Overall, ICIJ reported that the files contained information on more than 2 2 trillion in transactions between 1999 and 2017, which were described’ as suspicious by financial institutions' internal construction departments. SARs are not necessarily evidence of wrongdoing in themselves and the ICIJ has reported that the disclosure of the document is a small part of the reports filed with FinCEN.

Five appear frequently in World Bank documents, according to ICIJ. HSBC Holdings PLC, JP Morgan Chase & Co., Deutsche Bank AG, Standard Chartered PLC, and Bank of New York Milan Corporation. SARS provides key intelligence in global efforts to curb money laundering and other crimes. Media reports on Sunday painted a picture of a system that has become uncontrollable and overwhelmed, allowing large amounts of illicit funds to flow into the banking system.
According to the Office of the Comptroller of the Treasury of Currency, a bank has a maximum period of 60 days after the date of initial detection for notification. In some cases, banks failed to report suspicious transactions years after they took action, the ICIJ report said.

The report said the SAR also revealed that banks often transfer funds to companies that were registered’ in offshore houses, such as the British Virgin Islands, and did not know the final owner of the account. It said staff at large banks often used Google search to find out who was behind large transactions.

In light of significant transactions through this report: Funds executed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine, and Malaysia. Money from a Ponzi scheme passing through HSBC. And money linked to a Ukrainian billionaire through Deutsche Bank.

"I hope these findings encourage policymakers to take immediate action to implement the necessary reforms," ​​said Tim Adams, chief executive of the Trade Group Institute of International Finance. "As today's reports suggest, the effects of financial crime are felt outside the financial sector alone - posing a serious threat to society as a whole."

"All information provided by ICIJ is historical," HSBC said in a statement to Reuters. "HSBC embarked on a multi-pronged journey to restore its ability to deal with financial crime in more than 60 jurisdictions," the bank said in a statement in 2012.

"We take our responsibility to fight financial crime very seriously and have made significant investments in our construction programs," Standard Chartered said in a statement to Reuters.

BNY Mellon told Reuters she could not comment on specific SARs. "We fully comply with all applicable laws and regulations, and assist the authorities in their important work," the bank said.

JPMorgan said it had "thousands of people and hundreds of millions of dollars allocated for this important work." "We have played a leading role in anti-money laundering reforms," ​​the bank said in a statement.

In a statement on Sunday, Deutsche Bank said the ICIJ had "reported a number of historical issues." "We have dedicated significant resources to strengthening our controls and we are very focused on fulfilling our responsibilities and obligations," the bank said.

Finn said in a statement on its website on September 1 that it was aware that various media outlets intended to publish a series of articles based on illegally disclosed SARS, as well as other documents, and "Unauthorized SARS disclosure is a crime that could affect US national security," it said.

U.S. Treasury officials declined to comment further on FinCen's statement.


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