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Billions of US dollars were moved between fugitive Jho Low’s family and related businesses in various US banks without issuance for several years, despite red flags later recognized by the banks themselves.
The reports that the banks filed with the US Treasury, among others, indicated that they could not locate the source of the funds and “could not rule out the possibility of illicit funds being used.”
However, several banks only submitted Suspicious Activity Reports (SARs) to pinpoint these suspicious transfers years after the transactions, a leak revealed.
Several banks only submitted applications beginning in 2016, after the United States Department of Justice (DOJ) announced its kleptocracy action involving the embezzlement of 1MDB funds that year.
This despite the “suspicious” transactions that occurred as early as 2010, in the case of Hong Kong Shanghai Banking Corporation (HSBC) United States, which only submitted a SAR on that transaction in 2017.
US banks must file SARs with the Treasury Financial Crimes Enforcement Network (FinCEN) when the institution suspects possible crimes, including money laundering, within 60 days of detecting suspicious activity.
The leaked documents showed …
