International banks defy U.S. crackdowns by serving oligarchs, criminals, and terrorists

Section:

From the International Consortium
of Investigative Journalists
Washington, D.C.
Sunday, September 20, 2020

Secret U.S. government documents reveal that JPMorgan Chase, HSBC, and other big banks have defied money-laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world.

The records show that five global banks -- JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon -- kept profiting from powerful and dangerous players even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.

... Dispatch continues below ...



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U.S. agencies responsible for enforcing money laundering laws rarely prosecute megabanks that break the law, and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.

In some cases the banks kept moving illicit funds even after U.S. officials warned them they'd face criminal prosecutions if they didn’t stop doing business with mobsters, fraudsters, or corrupt regimes.

JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela, and Ukraine, the leaked documents reveal. ...

... For the remainder of the report:

https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-c...

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