Sep 22, 2020
https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks
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https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks
Thousands of secret “suspicious activity reports” offer a never-before-seen picture of corruption and complicity — and how the government lets it flourish.
The FinCEN Files investigation shows that even after they were prosecuted or fined for financial misconduct, banks such as JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon continued to move money for suspected criminals.
Suspicious payments flow around the world and into countless industries, from international sports to Hollywood entertainment to luxury real estate to Nobu sushi restaurants. They filter into the companies that make familiar items from people’s lives, from the gas in their car to the granola in their cereal bowl.
The FinCEN Files expose an underlying truth of the modern era: The networks through which dirty money traverse the world have become vital arteries of the global economy. They enable a shadow financial system so wide-ranging and so unchecked that it has become inextricable from the so-called legitimate economy. Banks with household names have helped to make it so.
Thousands of secret “suspicious activity reports” offer a never-before-seen picture of corruption and complicity — and how the government lets it flourish.
The networks through which dirty money traverse the world have become vital arteries of the global economy. They enable a shadow financial system so wide-ranging and so unchecked that it has become inextricable from the so-called legitimate economy. Banks with household names have helped to make it so.
President Trump’s executive order over election meddling won’t stop the river of cash running from the United States to Kremlin-connected co
Money laundering is a crime that disguises where money came from — usually because its source was illegal. How can money start out dirty and
Companies are artificial entities created to allow real people to do business. But, unfortunately, there are some types of companies that
Here's what's true and what's fiction in Meryl Streep, Gary Oldman, and Antonio Banderas's Panama Papers movie.
https://www.washingtonpost.com/world/interactive/2022/russia-oligarchs-sanctions-pandora-papers/
The story starts with a Panama-based law firm, Mossack Fonseca, which sets up shell companies in offshore tax havens to protect the global e
Trump and his company pledged to pause foreign business. They did not.
Pardon Whistle Blower Natalie Edwards
Click on the link below to learn more about Natalie Edwards, the whistle blower who leaked the information for the FinCen Files.
https://chng.it/dhWS4cnWXn
The law would force shell companies, and criminals who may hide behind them, into view — if it survives Trump’s veto.
BuzzFeed News:
In a move that could make it much harder for criminals to launder money through US banks, Congress has passed legislation that would require anonymous shell companies to disclose their true owners.
The action, which still faces a veto threat from President Donald Trump, comes three months after the FinCEN Files, an expansive investigation by BuzzFeed News and the International Consortium of Investigative Journalists, showed that shell companies are a cornerstone of fraud and financial corruption.
Business interests and their allies in Congress had long opposed efforts to unmask these secretive corporate entities because they said it would place unfair burdens on legitimate companies. But rising concerns about money laundering and terrorist financing, combined with reworking the legislation to be more business-friendly, gradually turned the tide.
The legislation was included in the National Defense Authorization Act (NDAA), which passed the Senate by a vote of 84–3 Friday. Earlier in the week, it passed the House by a more than 4 to 1 margin.
Sen. Sherrod Brown, the top Democrat on the Senate Banking Committee, said the stories from the FinCEN Files series “underscored that we need to strengthen, reform, and update our nation’s anti-money laundering laws.”
Congress’s action on shell companies, he said in a statement, “will finally update and reform our tools to crack down on anonymous shell companies and on big banks that enable criminals or have lax anti-money laundering compliance programs. We know that criminals have long been adjusting their tactics to get around our current laws. This bill will enable us to get ahead of them, and stay ahead of them.”
Senate Intelligence Committee Vice Chair Sen. Mark Warner said it is "past time to put an end to the secrecy that allows drug cartels, human traffickers, arms dealers, terrorists and kleptocrats to exploit the United States' banking system in order to carry out anti-American activities."
He added that "the current holes in our financial system pose a serious threat to national security. "
The new measure is part of a sweeping defense spending bill, which Trump has promised to veto unless it repeals Section 230 of the Communications Decency Act, which shields social media companies from liability for content that users post on their platform. Trump and many Congressional Republicans allege that Section 230 has allowed social media companies to censor and silence conservative voices.
The NDAA passed with more than two-thirds support in each chamber, which would be enough to override a presidential veto. But it is not clear whether enough Republicans will stick with their support of the bill in defiance of a Trump veto attempt.
Legislation in the NDAA also addresses many of the other issues identified in the FinCEN Files.
If signed into law, it would require the government to report on how law enforcement agents use suspicious activity reports, documents sent by banks to the Treasury Department when they detect possible financial misconduct.
The Justice Department would have to file yearly reports justifying its use of deferred prosecution agreements — a type of deal that banks regularly cut with the government to avoid a criminal trial when they run afoul of anti-money laundering laws.
And the law will protect those who blow the whistle on misconduct from retaliation and offer them financial rewards for stepping forward.
The bill also requires FinCEN — the Financial Crimes Enforcement Network, a division of the Treasury Department — to study new technologies to identify criminal money flows and to improve communication with the private sector.
The FinCEN Files show trillions in tainted dollars flow freely through major banks, swamping a broken enforcement system.
Together with BuzzFeed News and 108 other media organizations, ICIJ reveals the #FinCENFiles – our latest cross-border investigation. Using super secretive bank documents and months of reporting, we expose how banks fail to stop dirty money flows.
This is investigative journalism at its finest.
ED raids IFFCO, its MD in alleged money laundering case
ED raids IFFCO, its MD in alleged money laundering case
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