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World's Biggest Banks Allow Criminal Activities

According to various data sources like ICIJ (International Consortium of Investigative Journalists), The Guardian and BuzzFed News, thousands of documents leaked to an international group of investigative journalists who have revealed how some of the world's biggest banks have allowed criminals to move about $2Tn of dirty transactions around the globe.

Source: ICIJ


A huge pile of secret government documents filed with the US government’s Financial Crimes Enforcement Network (FinCEN) about more than 2,000 suspicious activities about how giant banks like HSBC, JP Morgan, Deutsche Bank and United Arab Emirates's central bank facilitate the work of criminals while enriching themselves. These banks keep profiting from these vigorous and dangerous players even though being fined by by U.S. authorities.


These money laundering activities makes other crimes possible while accelerate economic difference, embezzle fortunes from developing countries, drain public funds and so on.


Some of the examples have been revealed:


- Deutsche Bank moved launderers money for organised drug traffickers and terrorists.


- In 2012 London based HSBC, the largest bank in Europe, allowed fraudsters to move millions of dollars of stolen money around the world through its account, even after identifying as a fraud.


- JP Morgan allowed a company who owns shell companies to move over $300 million without knowing who owned them and the money, later finding out being on the FBI's 10 most wanted list.


Source: BuzzFeed News


If the government wanted to, it could stop this vast array of criminal activities through experts in financial crime as big penalties do not stop banks from moving dirty money.


What do you think, is cryptocurrency a better option to fight criminals or is crypto just as bad as these banks? Let me know what you think in the comment below.


Full articles:

https://www.icij.org/investigations/fincen-files/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists/


https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?ref=bfnsplash


https://www.bbc.co.uk/news/uk-54226107


Disclaimer: Information found on Ivy Kepiro Ltd. is gathered from variety of sources to bring information to you. It does not represent the opinions of Ivy Kepiro Ltd. on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.


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