bbc.com/news/uk-54226107

Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world.

What has been revealed?

• HSBC allowed fraudsters to move millions of dollars of stolen money around the world, even after it learned from US investigators the scheme was a scam.

• JP Morgan allowed a company to move more than $1bn through a London account without knowing who owned it. The bank later discovered the company might be owned by a mobster on the FBI's 10 Most Wanted list.

• Evidence that one of Russian President Vladimir Putin's closest associates used Barclays Bank in London to avoid sanctions which were meant to stop him using financial services in the West. Some of the cash was used to buy works of art.

• The UK is called a "higher risk jurisdiction" like Cyprus, according to the intelligence division of FinCEN. That's because of the number of UK registered companies that appear in the SARs. Over 3,000 UK companies are named in the FinCEN files - more than any other country.

• The United Arab Emirates' central bank failed to act on warnings about a local firm which was helping Iran evade sanctions.

• Deutsche Bank moved money launderers' dirty money for organised crime, terrorists and d*** traffickers.

• Standard Chartered moved cash for Arab Bank for more than a decade after clients' accounts at the Jordanian bank had been used in funding terrorism.

This is mad old news

Most these banks already paid their fines

“It’s a big club, and you ain’t in it”

The FinCEN papers are different because they are not just documents from one or two companies - they come from a number of banks.

....

They highlight a range of potentially suspicious activity involving companies and individuals and also raise questions about why the banks which had noticed this activity did not always act on their concerns.

....

FinCEN said the leak could impact on US national security, compromise investigations, and threaten the safety of institutions and individuals who file the reports.

teejayx6 > Major world banks

VPN = On

Who would’ve guessed..

This is shadowbanking if I'm not mistaken

Symptom of collapse

Why would we care about any of this when you can't change any of it

damn oh well

isn't majority of the worlds money like "hidden" or something

Huge in

title isn't really what happened here

what really got leaked was SAR filings that banks filed for the government to look over and track. accounts stay open because that's how funds that get moved are tracked. article actually makes that point here too.

Not surprised at all

Not that shocking honestly

London is a playground for Russian oligarchs.

and Obama bailed them out with no criminal charges!

this looks like a UK/EU issue tho

Big banks? shocking!

Been known that HSBC is the bank of the cartels