International Investigation Reveals Gigantic Money Laundering Scheme By Major Banks

“Profits from the drug cartel wars, the distorted fortunes of developing countries and stolen hard-earned economies could flow in and out of these financial institutions, despite warnings from bank employees themselves,” details the investigation, carried out by 108 media. international media from 88 countries.

The investigation is based on thousands of “suspicious activity reports” (SAR) made to the US Treasury’s financial police, FinCen, by banks around the world.

“These documents, collected by banks, shared with the government, but kept out of the public eye, expose the enormous abyss of bank guarantees and the ease with which criminals exploit them,” says the US media Buzzfeed News. The documents refer to $ 2 trillion in transactions, which circulated between 1999 and 2017.

Suspicious funds

The investigation particularly targets five major banks – JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon – accused of continuing to transfer funds from criminal suspects even after being prosecuted or convicted of misconduct. . financial.

At the end of its investigation, Buzzfeed News states that “the networks through which dirty money travels around the world have become vital arteries for the global economy.”

In a statement, Deutsche Bank assured that the disclosures were in fact information “well known” to its regulators and said that it “has dedicated significant resources to strengthening its controls” and “has been extremely careful in fulfilling (its) responsibilities and (its) obligations”. . The investigation also points to the impotence of the US authorities to regulate these transactions.

In a statement issued before the investigation was published, the US Treasury Finance Police warned that the publication of reports of suspicious activity was a “crime” that “could have an impact on the national security of the United States.”