Massive Dirty Money Moved by 5 Major Banks, alleges ICIJ
September 21, 2020
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.
“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 from Buzzfeed News and the International Consortium of Investigative Journalists(ICIJ).
The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financial law enforcement agency, FinCEN, by banks from around the world.
“These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them,” wrote US outlet Buzzfeed News, in the introduction of its report.
The documents relate to US$2 trillion in transactions that circulated between 1999 and 2017.
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.
“The networks through which dirty money traverse the world have become vital arteries of the global economy,” Buzzfeed News reported.
In a statement, Deutsche Bank said that the ICIJ’s revelations were “well known” to its regulators.
The bank also said it had “devoted significant resources to strengthening our controls”, as well as focused on “meeting our responsibilities and obligations”.
The investigation also highlighted the American authorities’ lack of power in regulating dirty financial transactions.
In a statement released prior to the investigation’s publication, FinCEN said that the “unauthorised disclosure of SARs is a crime that can impact the national security of the US”.
Biodata of Robert Chaen
Founder of Robren Mega EMall, Robren Services, ChangeU, CEO-Celebrity Whisperer, Asia’s #1 Change Expert, and the Father of Asian FireWalking
Robert Chaen is an International Keynote Speaker, writer, researcher, and change expert. He is famously known as the "CEO-Celebrity Whisperer”. Through 1-on-1 coaching, CEOs & celebrities whisper their issues and secrets to Robert, and Robert whispers back the best success secrets about business strategies, change tools, office politics & staff issues, and personal branding.
He has transformed CEOs and managers in Coca-Cola China, TVB Hong Kong, Cathay Pacific, Hong Kong Airport Services, VADS, TM, Public Bank, , 300+ MSC CEOs in S.E. Asia's Silicon Valley, etc.
He is the EKing of EMalls, the Founder of Robren Mega EMall, the World’s First Parallel Universe EMall Chian, with 100 City Mega EMalls opening in 2021-2023 (fb.com/MegaEMalls).
He is widely considered as one of the top International Platform Keynote Speakers for Resorts World Genting Senior Management Conference (Manila), 7-Eleven HK, Samsung, Coca-Cola China Mini-MBA @Tsing Hua University, Cathay Pacific, Hong Kong Jockey Club. He has interviewed PM Tun Dr Mahathir, Datuk Kamarudin (Chairman of AirAsia), Siti Nurhaliza, and other CEOs, Entrepreneurs and Influencers.
He has been widely featured in TVB, AWSJ, CNBC, SCMP, The Star, and Sin Chew. As “The Father of Asian FireWalking”, he coached TVB celebrities (Ekin Cheng Yee-Kin) to walk on 650°C fire; and raised HK$68M in the world’s 1st and only live TV Charity FireWalk (TVB Tung Wah Charity Show). If Robert can coach you to walk on 650⁰C fire, he can inspire you to be the best.
Originally based in Hong Kong for 20+ years, he had worked with top Branding/Ad agencies at J Walter Thompson and Leo Burnett, and was a certified FranklinCovey (7 Habits) in USA, and NLP MasterCoach (USA). His warmth is known to soften the most hardened, resistant skeptics.
Due to an ongoing paranormal encounter of the Angelic kind, he has been an Angel Whisperer 25 minutes before his late wife Brenda José crossed over on 23rd December 2013. Since then she has been sending him countless afterlife signs and he has written many articles and an EBook on his whisperings about The Afterlife and beyond from Angel Brenda.
Updated: 2nd August 2020.