Udayavni Special

FinCEN Files: Everything you need to know about the documents leak on money laundering

Team Udayavani, Sep 21, 2020, 4:30 PM IST

Around 2,500 documents involving transactions worth $2trillion have been leaked.

Those documents showed that between 2000 and 2017, $1.3 trillion of $2 trillion in leaked transactions that were flagged as suspicious passed through Deutsche Bank

FinCEN Files and SARs

The Financial Crimes Enforcement Network, or FinCEN, is the agency that operated under the Treasury Department, focussing on combating money laundering, terrorist financing, and other financial crimes.

A part of its operations is to collect millions of these suspicious activity reports (SARs), which it shares with law enforcement and financial intelligence operations of nations across the world.

A SAR is filed by banks and financial institutions in prescribed formats and are extremely confidential.

According to BBC, The primary objective behind filing a SARs with FinCEN is to red flag any transaction that raises suspicion, within 30 days of the transaction’s occurrence. This can include criminal funds or any form of dirty money such as insider trading, potential money laundering, terror financing among others. Non-filing of SARs can invoke hefty penalties.

FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017.

They were discovered on Buzzfeed News and shared with a group of investigative journalists from around the world, who distributed them to 108 news organizations in 88 countries, including the BBC’s Panorama program.

It is not enough to file SARs and keep taking dirty money from clients while expecting the authorities to deal with the problem. If  banks have evidence of criminal activity they should stop moving the cash

It was revealed that several top banks were allowed criminals move their dirty money around the world

As reported by Asiaville, HSBC allowed WCM777, a Ponzi scheme, to move more than $15 million. The scam, say investors, stole at least $80 million from investors, mainly Latino and Asian immigrants.

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.

Deutsche Bank moved money launderers’ dirty money for organised crime, terrorists and drug traffickers.

On the other hand, In India, Indian Express report suggests that  three different Suspicious Activity Reports (SARs) filed by Deutsche Bank Trust Company Americas (DBTCA) regarding funds received and sent by Jindal Steel and Power Ltd (JSPL) red-flag a transaction pattern where it sent money to companies based in Mauritius, Germany, and the UK, and received funds from companies based in Dubai and Switzerland within the same set of days.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

‘Dynastic corruption’ a part of political tradition in many states: PM Narendra Modi

J-K parties slam changes in land laws, say UT has been put up for sale

Centre amends laws to allow people from outside J&K to buy land there

US stands with India in its efforts to defend its sovereignty, liberty: Pompeo

Current guidelines on reopening of activities to be applicable till Nov 30: Centre

Finance Minister sees GDP growth in negative zone or near zero in current fiscal

Kerala first state to fix floor price for vegetables: CM

Related Articles More

Why a biopic on cricketer Muralitharan has upset some Tamils in India?

Why President Donald Trump walked out of a ’60 Minutes’ interview?

Who is Wilton D Gregory, the first African American cardinal elector?

Why was Instagram forced to change its policy on nudity?

Why are Middle East countries calling for a boycott of French products?


Mangalore Dasara -2020 Highlights

Paschima Jagara Pooja starts at Sri Krishna Math

Mysore Dasara 2020: A Simplified Historical Jambusawari

Dasara 2020: Covid Anxiety Disrupts Mysore

Viral Video: Man Seen Swimming through flooded streets

Latest Additions

Thokkattu: Newlywed couple dies in tragic accident

SC asks Centre to take further steps in bringing back Indians still stranded in Kuwait

Facebook India’s head of Public Policy Ankhi Das quits company

Kinetic Green launches electric cargo 3-wheeler ‘Safar Jumbo’

Hero MotoCorp, Harley-Davidson join hands for Indian market

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.