JAKARTA (TheInsiderStories) – A number of global banks has been dragged on the suspicious transactions and tax evasion, the Financial Crimes Enforcement Network, a special bureau under the United States (US) department of treasury reported on Monday. The major world financial institutions ranging from Deutsche Bank, HSBC, DBS, to Standard Chartered Bank.
FinCEN files said, some of the largest banks allowed the criminal acts by transacting “dirty money” around the world and the value is around US$2 trillion. The files contains a collection of important and confidential documents in the world of banking and finance has been leaked to the public to a number of global mass media, including Indonesia.
The document contains 2,500 pages, most of which are files that banks sent to authorities between 2000 and 2017. The bureau also provides an explanation regarding this information on its official website.
“As FinCEN has stated previously, unauthorized disclosure of SAR is a crime that could impact US national security, jeopardize law enforcement investigations, and threaten the safety and security of the institutions and individuals who filed the report. FinCEN has referred this matter to the US Department of Justice. and the Office of the Inspector General of the US Department of the Treasury, “stressed the files.
Apart from that transaction, there is also data that discusses how Russian oligarchs have used banks to evade sanctions that should stop them putting their money into the West. According to reports, one of those involved in this scandal is HSBC. It was revealed the bank had allowed fraudsters to transfer millions of dollars in stolen money around the world, even after learning from US investigators that the scheme was a scam.
This happened when the Britain’ largest bank moved money from America to Hong Kong in 2013 to 2014. The figure reached $80 million. This event is related to an investment scam called WCM777, a Chinese-driven business called Ming Xu in Hong Kong.
Apart from HSBC, JP Morgan also allowed a company to transfer more than $1 billion through accounts in London without knowing who owned it. The bank later found out that the company may be owned by the mafia on the Federal Bureau of Investigation’ 10 Most Wanted list.
There are also reports of one of Russian President Vladimir Putin’ closest associates using the Barclays Bank in London to evade sanctions aimed at stopping him from using financial services in the West. Part of the cash is used to buy art.
In addition, the United Arab Emirates central bank also reportedly failed to follow up on warnings about local companies helping Iran sanctions. US banks are also said to be involved in laundering North Korean money. In the report, Deutsche Bank is also credited with moving dirty money laundering money for organized crime, terrorists and drug dealers.
The leaked document names of Standard Chartered and HSBC were among the five banks most frequently mentioned in the document. The British bank’ activities in moving cash for Arab Bank for more than a decade after client accounts at Jordanian banks were used to finance terrorism.
Standard Chartered is the correspondent bank for Arab Bank, which has been a client for 25 years. The lender also performs wire transfers on behalf of Arab Bank. Responding to the data allegations, Standard Chartered said in a statement that it believed it was carrying out its operations according to the lawful rules.
In Singapore, a number of top banks have reportedly handled suspicious transactions valued at around $4.5 billion. Confidential data that was leaked showed that DBS Bank, CIMB Bank and Deutsche Bank, were the three banks that processed the largest amount of these funds.
The consortium noted that in nearly 20 years, Singapore received around US $ 3 billion in funds and sent US $ 1.5 billion in 1,781 suspicious transactions. It said, DBS Bank have sent $596.8 million and received $228.3 million in 461 suspicious transactions between 2000 and 2017.
While, CIMB Bank was also recorded as having sent $250.4 million and received $34.3 million in 294 suspicious transactions. And, Deutsche Bank sent $224.3 million and received $62 million in 19 suspicious transactions during the same period. The consortium noted that in nearly 20 years, Singapore received around $3 billion in funds and sent $1.5 billion in 1,781 suspicious transactions.
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