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The documents show that five world-class banks (JP Morgan, HSBC, Standard Chartered Bank, Deutche Bank, and Bank of New York Mellon) benefited from doubtful cash flows even after being penalized for insufficient effectiveness of credit measures. prevention.
An international journalistic study coordinated by the International Consortium of Investigative Journalists (ICIJ) reveals gaps in international banking on an unprecedented scale. The data on which the study was based was obtained by BuzzFeed News.
These figures include more than 2,100 suspicious financial transaction reports submitted by banks and other financial sector institutions to the U.S. Department of the Treasury’s Financial Crime Investigation Network (FinCEN), the nation’s leading anti-money laundering authority USA
The leaked documents cover huge amounts of money: 1999-2017. financial transactions with a total value of about $ 2 trillion. And this is only a small fraction of the doubtful cash flow that revolves around the global financial sector.
The #FinCENFiles international survey involves more than 400 journalists from around the world, representing 110 media outlets. Siena is the only #FinCENFiles partner in Lithuania.
# We started FinCENFiles by publishing the largest international studies based on leaked data. The first Lithuanian #FinCENFiles stories will be published on Monday.
Traces of a global affair – in a global bank
Jho Low is a world-renowned player in the financial sector. In several states, the coveted businessman is considered the main organizer of a large-scale affair in Malaysia. During this affair, around 4.5 billion euros were allocated from the Malaysia Economic Development Fund, 1 Malaysia Develpment Berhad or 1MDB. AMERICAN DOLLAR. The 1MDB scandal is considered the largest financial scam in the world.
J.Low was famous for loud parties with Paris Hilton, Leonardo DiCaprio, and other celebrities. An entrepreneur who allowed himself to pay 2 million for a bottle of champagne. Media coverage of the 1MDB scandal started in 2015. at the beginning. Currently wanted in the US, Malaysia and Singapore offices.
The leaked documents show that around 1.2 billion. dollars related to J.Low, 2013-2016. traveled through JPMorgan Chase, America’s largest bank.
Boss boss
Another billion, circulating through JPMorgan’s infrastructure, are linked to one of the world’s most wanted criminals.
Semionas Mogilevičius, nicknamed “Chief of the Boss”, 2009 was included in the list of the ten most wanted criminals in the world by the US Federal Bureau of Investigation (FBI). According to the FBI, the Boss Boss criminal network was involved in the smuggling of arms and drugs, extortion and the services of hitmen.
The bank’s specialists could not determine whether the company that carried out the high-value operations was related to S. Mogolevičius
© Wikimedia Commons
On behalf of S. Mogilevičius, the anti-money laundering specialists were interested to see that JPMorgan’s services are used by ABSI Securities, which is associated with Boss Boss.
ABSI Securities through JPMorgan 2010-2015 sent more than one billion dollars. Both through a direct account in this bank, closed in 2013, and through correspondent accounts opened for foreign banks.
Money laundering prevention officials learned of ABSI Securities’ relationship with S. Mogilevičius after discovering a study published by Russian journalists. Based on this information, a review of ABSI Securities information was initiated in an attempt to determine who is the true owner of this business and what is the purpose of this business. The bank of the owner of ABSI Securities could not be identified.
The journalists were unable to contact S. Mogilevičius. According to the FBI, the protagonist, who is called the “Boss Boss”, lives freely and without restrictions in Moscow.
S. Mogilevičius has stated that he does not belong to or lead any criminal group.
After pranešimai
The leaked documents show in detail how the prevention of money laundering works in large banks. Prevention officers often use simple tools like Google search to try to determine who is behind millions of transactions.
As a result, banks often report suspicious transactions only after the transaction or its participant is described in the media or becomes part of a police investigation. Money in such cases has left bank accounts reporting suspicious transactions.
ICIJ and BuzzFeed News spoke with dozens of former HSBC anti-money laundering officials. Some said the bank didn’t give them enough time for a more careful cash flow analysis, and the bank’s branches outside the United States ignored customer or transaction inquiries.
“They used to say, ‘Of course we will answer you.’ But they never responded, ”says Alexis Grullon, a former banking prevention specialist who worked in New York from 2012 to 2014.
Former Standard Chartered Bank employees say their objections to suspicious transactions have been ignored. That shadow was cast over the bank in a lawsuit filed in New York last year. Two former employees claim to have lost senior positions at the bank after it emerged that they were assisting in an FBI investigation into financial transactions involving entities in Iran, Libya, Sudan and Myanmar.
The bank told the court that the allegations by the former employees were unfounded.
Read the full ICIJ study here.
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