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The documents revealing illegal banking operations appear to be the biggest leak in the financial world so far. In the archives of the United States Department of the Treasury, the names of the top five international banks appeared most frequently, namely Deutsche Bank, JPMorgan, HSBC, Standard Chartered and Bank of New York Mellon.
One of Britain’s largest banks, HSBC, was again involved in a pyramid scheme after its previous crash.
Most of the leaked documents come from reports compiled over seventeen years by the Financial Crime Network (FinCEN), which investigated more than 200,000 suspicious financial transactions between 1999 and 2017. Thus, the importance of the case is determined on the one hand by the long period of time that covers the documents and on the other hand by the volume of financial transactions:
it’s a total cash flow of over two trillion dollars.
FinCEN is a US agency that deals with issues such as money laundering, evasion of economic sanctions, financing of terrorism and other serious economic crimes. The organization is part of the US Office of Terrorism and Financial Intelligence and is channeled to virtually all parts of the world due to the international use of US currency.
The FinCEN documents were obtained by BuzzFeed News two years ago, and after evaluating the amount of information, it was clear that they would not thrive alone, so International Consortium of Investigative Journalists (ICIJ). Thus, the FinCEN case eventually involved more than four hundred journalists from 88 countries around the world, including Direkt36.hu employees from Hungary.
Its results have now been reported to Reuters, according to the banks. They were key figures for the actors of international organized crime, drug trafficking and global terrorism. Among the most important issues are Iranian and North Korean stakeholders, who have circumvented economic sanctions against them through international financial institutions.
Suspicious accusations have reached $ 174.8 million over the years.
Plus, it’s just the tip of the iceberg. HE FinCEN reports only 0.2 percent of the more than 12 million suspected cases reported by financial institutions between 2011 and 2017.
Because of these a
z The US authorities fined the banks millions of dollars, but it apparently didn’t have many implications. The international press therefore raises the question of whether it is worth entrusting protection against money laundering to financial institutions themselves, which are only interested in profit.
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