JPMorgan & prime world banks moved trillions in soiled cash for oligarchs & felony networks – ICIJ report

5 main banks (Financial institution of New York Mellon, Deutsche Financial institution, HSBC, JPMorgan and Normal Chartered) processed trillions of of transactions recognized as suspicious, a brand new ICIJ report reveals.

The Worldwide Consortium for Investigative Journalists (ICIJ) has launched the outcomes of an investigation primarily based on greater than 2,100 so-called suspicious exercise stories (SARs) filed by banks and monetary establishments with the US Division of Treasury’s Monetary Crime Enforcement Community (FinCEN) between 1999 and 2017. The SARs had been obtained by Buzzfeed Information and shared with the ICIJ.

NEW: Along with @buzzfeednews and 108 different media organizations we reveal the #FinCENFiles – our newest cross-border investigation.

Utilizing tremendous secretive financial institution paperwork and months of reporting, we expose how banks fail to cease soiled cash flows. https://t.co/hBG1poGsho

— ICIJ (@ICIJorg) September 20, 2020

In keeping with the investigative group, the megabanks continued to revenue from highly effective and harmful gamers even after US authorities fined the monetary establishments for earlier failures to stem flows of soiled cash.

The paperwork reveal that the US-based JPMorgan moved cash for individuals and firms tied to the huge looting of public funds in Malaysia, Ukraine and Venezuela. The ICIJ stories that tainted transactions continued to surge by accounts at JPMorgan regardless of the financial institution’s guarantees to enhance its cash laundering controls as a part of settlements it reached with US authorities in 2011, 2013 and 2014.

JPMorgan advised the ICIJ that whereas the financial institution was legally prohibited from discussing shoppers or transactions, it has taken a “management position” in pursuing “proactive intelligence-led investigations” and growing “modern methods to assist fight monetary crime.”

Additionally on rt.com

Financial institution of New York Mellon, Deutsche Financial institution, HSBC and Normal Chartered Financial institution additionally continued to wave by suspect funds regardless of related guarantees to authorities authorities. Within the final decade, the banks paid billions of in fines and agreed to deferred prosecution agreements over failures of their anti-money-laundering packages.

Shares of the banks fell sharply in Hong Kong on Monday after the report got here out, with HSBC’s inventory at one level buying and selling at its lowest degree since 1995. 

For extra tales on financial system & finance go to RT’s enterprise part