Leaked documents reveal how banks allowed the laundering of trillions of dollars

[Stevicus]

All you need to know about FinCEN documents leak

Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world.

They also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West.

It's the latest in a string of leaks over the past five years that have exposed secret deals, money laundering and financial crime.

The FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing.

These documents are some of the international banking system's most closely guarded secrets.

Banks use them to report suspicious behaviour but they are not proof of wrongdoing or crime.

They were leaked to Buzzfeed News and shared with a group that brings together investigative journalists from around the world, which distributed them to 108 news organisations in 88 countries, including the BBC's Panorama programme.

Hundreds of journalists have been sifting through the dense, technical documentation, uncovering some of the activities that banks would prefer the public not to know about.

FinCEN is the US Financial Crimes Investigation Network. These are the people at the US Treasury who combat financial crime. Concerns about transactions made in US dollars need to be sent to FinCEN, even if they took place outside the US.

Suspicious activity reports, or SARs, are an example of how those concerns are recorded. A bank must fill in one of these reports if it is worried one of its clients might be up to no good. The report is sent to the authorities.

Apparently the documents revealed numerous cases of banks involved in suspicious transactions.

What has been revealed?

• HSBC allowed fraudsters to move millions of dollars of stolen money around the world, even after it learned from US investigators the scheme was a scam.
• JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it. The bank later discovered the company might be owned by a mobster on the FBI's 10 Most Wanted list.
• Evidence that one of Russian President Vladimir Putin's closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West. Some of the cash was used to buy works of art.
• The UK is called a "higher risk jurisdiction" like Cyprus, according to the intelligence division of FinCEN. That's because of the number of UK registered companies that appear in the SARs. Over 3,000 UK companies are named in the FinCEN files - more than any other country.
• The United Arab Emirates' central bank failed to act on warnings about a local firm which was helping Iran evade sanctions.
• Deutsche Bank moved money launderers' dirty money for organised crime, terrorists and drug traffickers. More details (BuzzFeed News)
• Standard Chartered moved cash for Arab Bank for more than a decade after clients' accounts at the Jordanian bank had been used in funding terrorism.

There have been other significant leaks in the past, although this one is said to be different since it involves numerous banks, not just one or two. The article indicates that this could have an effect on US national security, compromise investigations, and threaten the safety of institutions and individuals who file the reports.

Why is this leak different?
There have been a number of big leaks of financial information in recent years, including:

• 2017 Paradise Papers - A huge batch of leaked documents from an offshore legal service provider Appleby and corporate services provider Estera. The two operated together under the Appleby name until Estera became independent in 2016. They revealed the offshore financial dealings of politicians, celebrities and business leaders
• 2016 Panama Papers - Leaked documents from the law firm Mossack Fonseca showed more about how wealthy people were using offshore tax regimes to their benefit
• 2015 Swiss Leaks - Documents from HSBC's Swiss private bank showed how it was using the country's banking secrecy laws to help clients avoid paying tax
• 2014 LuxLeaks contained documents from the accountancy firm PricewaterhouseCoopers showing that big companies were using tax deals in Luxembourg to reduce the amount they were having to pay

The FinCEN papers are different because they are not just documents from one or two companies - they come from a number of banks.

They highlight a range of potentially suspicious activity involving companies and individuals and also raise questions about why the banks which had noticed this activity did not always act on their concerns.

FinCEN said the leak could impact on US national security, compromise investigations, and threaten the safety of institutions and individuals who file the reports.

But last week it announced proposals to overhaul its anti-money laundering programmes.

The UK has also unveiled plans to reform its register of company information to clamp down on fraud and money laundering.

 

[Stevicus]

Secret documents show North Korea laundering money through U.S. banks

 

[Kenny]

And people are giving it a blind eye?

 

[Brickjectivity]

I can't complain, because I am in favor of crypto currencies and cash...but yes it looks like somebody fibbed. It bothers me more that the USA is able to make a phone call and have every bank in the world turn me down for credit. That is some scary stuff. You tick off the wrong guy and suddenly you could be accused of all kinds of things and framed very nicely. Doesn't that seem wrong?

 

[MNoBody]

I can't complain, because I am in favor of crypto currencies and cash...but yes it looks like somebody fibbed. It bothers me more that the USA is able to make a phone call and have every bank in the world turn me down for credit. That is some scary stuff. You tick off the wrong guy and suddenly you could be accused of all kinds of things and framed very nicely. Doesn't that seem wrong?

and that is the world we got handed, have fun kids, sorry for screwing everything up, but hey, you guys will fix it.....
thanks

 

[stvdv]

Apparently the documents revealed numerous cases of banks involved in suspicious transactions.

This I know already for decades. That's old news, probably as old as when the banking system started; give or take a few days

But I am glad you shared it here. Because I am quite surprised people still have faith in these big companies, like: bank, big pharma, big brother

 

[Stevicus]

The 8 most important things in the leaked FinCEN files, which exposed $2 trillion in suspicious transactions and are roiling the world of finance

 

[Twilight Hue]

All you need to know about FinCEN documents leak







Apparently the documents revealed numerous cases of banks involved in suspicious transactions.


There have been other significant leaks in the past, although this one is said to be different since it involves numerous banks, not just one or two. The article indicates that this could have an effect on US national security, compromise investigations, and threaten the safety of institutions and individuals who file the reports.

What? They are just 'discovering' this now?

Where were they? Sleeping under a bunch of rocks?

 

[Stevicus]

This I know already for decades. That's old news, probably as old as when the banking system started; give or take a few days

But I am glad you shared it here. Because I am quite surprised people still have faith in these big companies, like: bank, big pharma, big brother

Well, yes, lots of people "know" about it, but being able to prove it and seeing these bankers actually punished for their crimes - that's a different matter entirely.

 

[Stevicus]

What? They are just 'discovering' this now?

Where were they? Sleeping under a bunch of rocks?

It would appear so.

 

[Twilight Hue]

This I know already for decades. That's old news, probably as old as when the banking system started; give or take a few days

But I am glad you shared it here. Because I am quite surprised people still have faith in these big companies, like: bank, big pharma, big brother

Well, better late then never. Eh?

Wanna know sumthin?

Even so, I doubt they even care one hoot if people know or not. Its not like anyone is going to willingly change things along the more honest route. Not going to happen.

Too much to lose if they do as most astute know that the unwritten rule among these people is that crime in fact, does pay.

 

[stvdv]

Secret documents show North Korea laundering money through U.S. banks

Little Kimmy (NK) is not half as bad as Big Donny (US), when it comes to money stuff.

 

[Twilight Hue]

Well, yes, lots of people "know" about it, but being able to prove it and seeing these bankers actually punished for their crimes - that's a different matter entirely.

Not if they don't want to get wacked. .

 

[Twilight Hue]

Little Kimmy (NK) is not half as bad as Big Donny (US), when it comes to money stuff.

Kimmy is the poster boy for a successful crime family.

 

[stvdv]

Even so, I doubt they even care one hoot if people know or not.

First fact
They reveal this information NOW to the public with a purpose. No coincidence they want the public to know it now.

Its not like anyone is going to willingly change things along the more honest route. Not going to happen.

Second fact
Letting us know this, means that they will make extra profit by letting us know this

Too much to lose if they do as most astute know that the unwritten rule among these people is that crime in fact, does pay.

Third fact
They must have loads of good karma (money wise). Or better said, in Kali Yuga evil runs rampant, especially at the top, hence crime flourishes.

We have with Corona proof enough, that any Government knows pretty well how to control people, why not control Maffia? Quite obvious to me.

 

[stvdv]

Kimmy is the poster boy for a successful crime family.

Yes, they are very "good" in behaving very "bad".

 

[Twilight Hue]

Yes, they are very "good" in behaving very "bad".

Not only that, but how many crime families can claim they actually own and operate a fully recognized country in every way?

 

[stvdv]

Not only that, but how many crime families can claim they actually own and operate a fully recognized country in every way?

Yes. And how many are seen as a "God" in their country

I hope Trump didn't pick up on the "bad" things while being with Kim

Trump was a bit jealous on that part of Kim (Trump even said something like that)