FinCEN Files has exposed the inefficiency of the money laundering measures used by the world’s largest banks. The illegal use of the US dollar and the role played by important banks in this are explained in some documents in FinCEN, the US Financial Crimes Unit.
Some of the world’s largest banks, including JPMorgan Chase, HSBC, and Deutsche Bank, allowed criminals to launder about $ 2 trillion (£ 1.5 trillion) of badly obtained money from 1999 to 2017, according to leaked FinCEN files. The investigation was conducted by 109 media outlets, together with the International Consortium of Investigative Journalists (ICIJ).
Unsuccessful Banking Measures
According to the BuzzFeed News report, the aforementioned banking institutions reportedly helped known drug lords, pyramid operators, and murderers to move money:
“Profits from deadly drug wars, embezzled fortunes from developing countries, and hard-won savings stolen from a Ponzi program were all allowed to enter and exit these financial institutions, despite warnings from their own employees.”
More than $ 1.3 trillion of dirty money was linked only to Deutsche Bank. Mark Schoofs, editor-in-chief of BuzzFeed News, describes this as one of the biggest laundering scams in history, in his tweet:
“For years, senior executives at Deutsche Bank had direct knowledge of the serious failures that left the bank vulnerable to one of the biggest money laundering scams in history.”
The investigation revealed the shortcomings of anti-money laundering laws and other measures to eliminate illegal activities:
“Despite banks’ extensive powers to investigate account holders, the FinCEN Files investigation reveals that large financial institutions often fail to carry out the most basic checks on their customers, such as verifying where a business is when someone opens a new account.”
Prepare to be disappointed
While Bitcoin (BTC) is often considered the darling of criminals today, thousands of secret documents have also revealed the faulty system of the world’s largest banks, which cannot combat money laundering.