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— Anti-Corruption News Story Curated by Anti-Corruption Digest International Risk & Compliance News

In an explosive investigative report by Buzzfeed News, the International Consortium of Investigative Journalists and other news organizations, it was revealed that $2 trillion of questionable transactions were laundered through the largest most prominent banks in the world. The funds flowed, according to the reports, to “terrorists, kleptocrats and drug kingpins,” enriching the banks and their shareholders.

The investigative journals allege, “These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them. Profits from deadly drug wars, fortunes embezzled from developing countries and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees.”

The reporting covers roughly two decades worth of bank and customer transactions. The data was composed from suspicious activity reports (SARs) filed by the banks and other financial institutions with the U.S. Department of Treasury’s Financial Crimes Enforcement Network. FinCen is a division within the United States Treasury that is responsible for the oversight, review, examination and investigations into allegations of “money laundering, terrorist financing and other financial crimes.”



Source: Explosive Exposé Alleges Banks Aid Drug Kingpins, Criminals And Terrorists: Here’s How This Could Be Stopped Right Now

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