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#FinCENFiles: Secret documents show how criminals use famous banks to finance terror and death, and the government doesn’t stop it https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
The #FinCENFiles are based on a huge trove of suspicious activity reports, or SARs, documents filed by banks when they spot the hallmarks of money laundering.
Before now, very few SARs had reached the public. Today, with @ICIJorg, we're reporting on more than 2,100.
Before now, very few SARs had reached the public. Today, with @ICIJorg, we're reporting on more than 2,100.
The #FinCENFiles investigation reveals how drug war profits, money embezzled from developing countries, and savings stolen in a Ponzi scheme were allowed to flow in and out of these financial institutions despite warnings. https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
The banks are aware of these transactions. They even notify the government of the possibility that they are doing business with criminals. But in most cases, the authorities take no action. So the banks keep moving the money — and keep reaping a profit.
Laws that were meant to stop financial crime have instead allowed it to flourish. So long as a bank files a notice of suspicious activity, it all but immunizes itself and its executives from criminal prosecution. #FinCENFiles https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
And the agency that collects these notices, known as FinCEN, makes them available to federal, state, and even international law enforcement. But it doesn't force the banks to shut the money laundering down. #FinCENFiles https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
When the government does prosecute against banks, it often uses deals called deferred prosecution agreements that include fines but no high-level arrests #FinCENFiles https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
The suspicious payments flow around the world and into countless industries, from sports to Hollywood entertainment to sushi restaurants to the companies that make items people use in their everyday lives https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
But the #FinCENFiles also show the misery that money laundering funds.
“These people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world," a former bank investigator said. https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
“These people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world," a former bank investigator said. https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
