Banks involved in money laundering, leak reveals

Sunday, 20. September 2020 23:39

A document leak uncovered on Sunday that a number of international banks did not stop potential money laundering after their employees filed suspicious activity reports with the United States Financial Crimes Investigation Network (FinCEN). The leak includes over 2,500 documents concerning the period between 1999 and 2017, and involves institutions such as the Bank of America Corp., Citibank, Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase & Co.

According to the findings, first reported by Buzzfeed News, "even after they were prosecuted or fined for financial misconduct," the banks "continued to move money for suspected criminals." The total sum of transactions flagged in the suspicious activity reports is over $2 trillion. The US Treasury Department announced that is had referred the matter to the Department of Justice and the Treasury Department’s Office of Inspector General.

Related Links: Bank of America Corp.American Express CompanyDeutsche Bank AGCitigroup Inc.HSBC Holdings plc ADR
Breaking the News / DJ