The FinCen files: A quick overview of ICIJ's report on major global banks that are knowingly moving criminals' assets
A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020.
"Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks' own employees," according to the probe fromThe investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports submitted to the US Treasury Department's financial law...
The files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious.The investigation points in particular to five major banks – JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon – accused of continuing to move assets of alleged criminals, even after being prosecuted or convicted for financial misconduct.
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