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FinCEN file leaked reveals who is involved in money laundering

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FinCEN file leaked reveals who is involved in money laundering

FinCEN file leaked reveals who is involved in money laundering
CONTENT

  • The world’s largest banks are involved in money laundering

  • Cryptocurrencies practically do not participate in illegal operations

  • Banks do not understand how to identify suspicious transactions

International consortium of news organizations developing transparency standards.

More than a dozen leading banks and financial companies have been involved in money laundering. This became clear from the FinCEN records that hit the net.

FinCEN file leaked reveals who is involved in money laundering

Major banks are on the list of money launderers

More than $ 2 trillion was laundered through central and largest private banks between 2000 and 2017, according to FinCEN. The journalists of the Buzzfeed News organization, which unites media from 88 countries, obtained bank statements and reports submitted to FinCEN, a special unit for combating financial crimes of the US Treasury Department. Over 2,500 Suspicious Transaction Files Revealed by Journalists Following Massive Data Leak. 

Based on the information provided, for the period 2000-2017, most of the money was laundered through central banks or very well-known financial companies. Here are just a few facts:

  • HSBC has transferred millions of dollars through its US business to the accounts of HSBC’s Hong Kong subsidiary. This did not stop even when FinCEN employees informed the company that the transactions were illegal;
  • Barclays transferred money from Vladimir Putin’s ally Arkady Rotenberg. In 2014, sanctions were imposed on the Russian businessman by America, nevertheless, the bank calmly transferred money from his accounts, explaining its position by the fact that they were fulfilling their obligations;
  • The UAE’s Central Bank worked with a local firm that helped Iran evade sanctions and make payments from blocked accounts;
FinCEN file leaked reveals who is involved in money laundering

There was not a single company on the FinCEN list that was involved in money laundering through cryptocurrency. On the contrary, the files of the department featured banks and companies that were sharply opposed to cryptocurrencies, considering them the most common method of money laundering..

Cryptocurrencies have nothing to do with it

A research arm of the Mexican Treasury Department has concluded that G7 banks are most commonly used for money laundering. This is reported by the publication El Economista. In particular, these include banks such as BBVA, Santander, Citibanamex, Banorte, HSBC, Scotiabank and Inbursa. It is these organizations that are at risk of possible money laundering. At the same time, companies working with cryptocurrencies are used to illegally receive money much less often..

However, the FATF, which specializes in combating money-laundering crimes, never tires of accusing cryptocurrency organizations of illegal transactions. Recently FATF presented a new list of patterns that indicate a suspicious transaction.

CipherTrace, an analyst firm, said financial institutions cannot identify up to 90% of suspicious cryptocurrency transactions. The results of the CipherTrace study indicate that most of the banks operating in the world do not understand the nature of cryptocurrency transactions, and therefore cannot adequately analyze and block them..

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All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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