GLOBAL BANKS DEFY U.S. CRACKDOWNS ON AML INITIATIVES

October 12, 2020

The FinCEN Files show trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system.

ICIJ International Consortium of Investigative Journalists has published an insightful article on the continued concerns about Global Banks to have defied money laundering crackdowns by moving excessive amounts of illicit cash for questionable characters and criminal networks that have spread chaos and undermined democracy around the world.

The records show that five global banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.

U.S. agencies responsible for enforcing money laundering laws rarely prosecute megabanks that break the law, and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.

In some cases the banks kept moving illicit funds even after U.S. officials warned them they’d face criminal prosecutions if they didn’t stop doing business with mobsters, fraudsters or corrupt regimes.

JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal.

The bank moved more than $1 billion for the fugitive financier behind Malaysia’s 1MDB scandal, the records show, and more than $2 million for a young energy mogul’s company that has been accused of cheating Venezuela’s government and helping cause electrical blackouts that crippled large parts of the country.

JPMorgan also processed more than $50 million in payments over a decade, the records show, for Paul Manafort, the former campaign manager for President Donald Trump. The bank shuttled at least $6.9 million in Manafort transactions in the 14 months after he resigned from the campaign amid a swirl of money laundering and corruption allegations spawning from his work with a pro-Russian political party in Ukraine.

To continue reading article go to ICIJ website https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-servin–criminals-and-terrorists/

#AML, #KYC, #finCEN, #GlobalBanks, #ICIJ, #MoneyLaudering, #JPMORGAN, #DeutscheBank, #ComplianceRisk, #HSBC,

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October 12, 2020