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New Delhi- FinCEN files show that the world’s largest banks have allowed criminals to move “dirty money” around the world. In total, these reports marked more than $ 2 trillion in transactions, according to BuzzFeed News.
The BBC reported that Russian oligarchs used the banks to avoid sanctions and moved their money to the West.
It is the latest in a series of leaks in the past five years that have exposed secret deals, money laundering and financial crimes, according to a BBC report.
FinCEN’s files are more than 2,500 documents, most of which were files that banks sent to US authorities between 2000 and 2017.
These documents are some of the best kept secrets in the international banking system. Banks use them to report suspicious behavior, but they are not evidence of crime or crime.
They were leaked to Buzzfeed News and shared with a group that brings together investigative journalists from around the world, who distributed them to 108 news organizations in 88 countries, including the BBC’s Panorama program.
FinCEN is the US Financial Crime Investigation Network Concerns about transactions made in US dollars should be referred to FinCEN, even if they took place outside of the US.
Suspicious Activity Reports, or SARs, are an example of how such concerns are logged. A bank should complete one of these reports if it is concerned that one of its clients is not doing any good. The report is sent to authorities, the BBC said.
It has been revealed through these documents that HSBC allowed the scammers to move millions of dollars even after US investigators informed it that the scheme was a scam.
JP Morgan allowed a company to move more than a billion dollars through a London account without knowing who the owner was. Later, the bank discovered that the company might be owned by a mobster on the FBI’s 10 most wanted list.
There is also evidence that one of Russian President Vladimir Putin’s closest associates used the Barclays Bank in London to avoid sanctions aimed at stopping him.
According to the BBC, the UK is called a “higher risk jurisdiction” like Cyprus, according to FinCEN’s intelligence division. That’s because of the number of UK-registered companies that appear in the SARs. More than 3,000 UK companies are on file with FinCEN, more than any other country.
Deutsche Bank moved dirty money from money launderers to organized crime, terrorists and drug traffickers. Standard Chartered moved cash for Arab Bank for more than a decade after client accounts at the Jordanian bank were used to finance terrorism.
There have been a number of large financial information leaks in recent years, including the 2017 Paradise Papers. The leaked 2016 Panama Papers documents from the law firm Mossack Fonseca showed more about how wealthy people use offshore tax regimes, he said. the BBC.
According to BuzzFeed News, some entities have been flagged multiple times in FinCEN files. Mayzus Financial Services, an online payment processing company that served clients involved in a bitcoin ring, sets the record by being listed as a subject of 36 SAR.
In second place is Kaloti Jewelery International, a Dubai-based precious metals company that was targeted in 34 different SARs by eight different banks.
More than 250 SARs refer to people with addresses in the US and more than 120 with addresses in Russia. The United Kingdom, China, Germany, the United Arab Emirates, Canada and Ukraine were also common places for people, each of which appeared in at least 20 reports, he said.
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