[ad_1]
(Fake images)
- A major suspicious transaction leak has just been posted online that banks reported to US authorities.
- The so-called FinCEN files include more than 170 transactions in South African banks.
- At least one transaction can have a Gupta link.
- For more articles, go to www.BusinessInsider.co.za.
Thousands of leaked files that have just been released show how major institutions have been involved for years in handling up to $ 2 trillion in dirty money.
The documents are part of a collection of files owned by the Financial Crimes Enforcement Network (FinCEN), a United States government agency that operates to detect and prevent financial crime, and were first published by BuzzFeed News and the International Consortium. of Investigative Journalists (ICIJ). .
The banks sent these files to the US authorities to express concern about what their customers were doing.
The ICIJ analyzed the documents leaked during the last 16 months, with the participation of more than 400 journalists from 88 countries.
The documents, known as FinCEN files, showed that five banks (JPMorgan, Standard Chartered, Deutsche Bank, Barclays and BNY Mellon) handled the majority of illicit funds between 1997 and 2017. JPMorgan, HSBC and Deutsche Bank facilitated the movement of money criminal. even after being caught, the agency reported.
Between 1999 and 2017, it was noted that $ 1.3 trillion had passed through Deutsche Bank, German broadcaster Deutsche Welle reported.
Here’s what the journalists found after analyzing the FinCen files:
- Deutsche Bank helped move money as part of money laundering for organized crime, terrorists and drug traffickers, Buzzfeed reports.
- Even after HSBC learned of a scam, it allowed scammers to transfer millions around the world, the BBC reports.
- Russian billionaire Arkady Rotenberg, one of Vladimir Putin’s closest friends, may have used Barclays Bank to launder money and evade sanctions, the BBC reports.
- JP Morgan allowed a company to move more than a billion dollars through a London account without knowing who the owner was, and it may turn out that it belonged to a criminal wanted by the FBI, reports the BBC.
The ICIJ report highlights 173 bank transactions that were conducted through South Africa, for a total value of almost $ 61 million (R1 billion), which were flagged as potentially suspicious.
Standard Bank apparently reported 169 of the 173 transactions that were highlighted in the report.
Standard Bank may have flagged transfers to banks in Nigeria and Liechtenstein, as well as a number of transactions involving Chinese banks. Standard Bank has close business ties with the Industrial and Commercial Bank of China, which bought a 20% stake in the bank in 2007. The two companies have a joint stake in a global commercial business.
Standard Bank declined to comment on the nature of these transactions, but referred Business Insider South Africa to a statement from FinCEN that “unauthorized disclosure of RAS [Suspicious Activity Reports] it is a crime that can affect the national security of the United States. ”
“Standard Bank complies with local and international anti-money laundering laws and takes this responsibility seriously. As required by such legislation, and as a responsible corporate citizen, the bank files Suspicious Activity Reports (SARs) to help maintain the integrity of the global financial system. The bank diligently monitors customer transactions and fulfills its obligations to report any suspicious transactions to the relevant authorities, ”the bank said in a statement.
Transactions in South Africa through two other banks were also highlighted in the ICIJ report: Standard Chartered Bank and Citibank.
Citi marked a transfer from a Standard Chartered bank account in Hong Kong to one of its local account holders.
“In keeping with our commitment to protecting the integrity of the financial system, Citi is diligent in filing Suspicious Activity Reports with the United States Department of the Treasury when appropriate. Given the confidential nature of these reports, we do not comment on or confirm any particular report or transaction, ”said a Citi spokesperson.
Standard Chartered also marked a transaction, in 2013, that involved a payment of nearly $ 10.8 million to a Deutsche Bank account in Abu Dhabi. Standard Chartered previously confirmed that it closed some bank accounts linked to the Gupta family, who have since settled in Abu Dhabi, in 2014.
In response, a spokesperson for Standard Chartered in South Africa said the bank would not comment on the specific transaction.
“We file SARs when circumstances warrant, and that means our detection and monitoring systems are working as intended. A SAR filing does not mean there has been criminal activity.
“We report these matters to law enforcement agencies so they can investigate and, if they deem it appropriate, take further action. The reality is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to create effective controls and programs. to protect the global financial system. “
He said that Standard Chartered has nearly 2,000 employees around the world dedicated to preventing, detecting and reporting suspicious transactions. “In 2019, we monitored more than 1.2 billion transactions for possible suspicious activity and examined more than 157 million for sanctions compliance. Our monitoring and investigation work has contributed to the conviction of criminals and our efforts have been recognized by law enforcement agencies in multiple jurisdictions. “
Report from Business Insider US and SA.
Receive a daily update on your cell phone with all our latest news – click here.
Get the best of our site by email daily: Click here.
Also from Business Insider South Africa:
[ad_2]
