'FinCEN' documents reportedly show banks moved illicit funds - BuzzFeed, ICIJ

(Reuters) - Several global banks moved large sums of allegedly illicit funds during nearly two decades, despite warnings about the organizations they were dealing with, BuzzFeed and other media reported on Sunday, citing documents submitted by banks to the government. The reports were partly based on documents filed by banks and other financial firms with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCen), obtained https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?ref=hpsplash&origin=spl by BuzzFeed News and shared with the International Consortium of Investigative Journalists and other media organizations

Reuters September 21, 2020 02:05:45 IST
'FinCEN' documents reportedly show banks moved illicit funds - BuzzFeed, ICIJ

FinCEN documents reportedly show banks moved illicit funds  BuzzFeed ICIJ

(Reuters) - Several global banks moved large sums of allegedly illicit funds during nearly two decades, despite warnings about the organizations they were dealing with, BuzzFeed and other media reported on Sunday, citing documents submitted by banks to the government.

The reports were partly based on documents filed by banks and other financial firms with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCen), obtained https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?ref=hpsplash&origin=spl by BuzzFeed News and shared with the International Consortium of Investigative Journalists and other media organizations.

The ICIJ reported https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists that the files, which they called the FinCEN files, identify more than $2 trillion of transactions between 1999 and 2017 that were flagged by internal compliance departments of financial institutions as possible money laundering or other criminal activity.

The organizations cited 'suspicious activity reports' for the investigation.

FinCen said in a statement on its website on Sept. 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports, as well as other documents, and said that the "unauthorized disclosure of SARs is a crime that can impact the national security of the United States."

Representatives for the U.S. Treasury did not immediately respond to an email for comment on Sunday.

(Reporting by Megan Davies; Editing by Steve Orlofsky)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.