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The #FinCENFiles are an unprecedented look into how banks move money for corrupt actors on a global scale.
Our reporting is built on secretive documents called suspicious activity reports (SARs). Here's what they are, and how many we looked at
https://www.buzzfeednews.com/article/jsvine/fincen-files-explainer-data-money-transactions?bftwnews&utm_term=4ldqpgc#4ldqpgc
Our reporting is built on secretive documents called suspicious activity reports (SARs). Here's what they are, and how many we looked at
https://www.buzzfeednews.com/article/jsvine/fincen-files-explainer-data-money-transactions?bftwnews&utm_term=4ldqpgc#4ldqpgc
All SARs have two parts: a set of data tables and a narrative.
The data tables lay out details like the amount of money under suspicion and details about the people and organizations involved. We wrote software to extract these details and put them in a database. #FinCENFiles
The data tables lay out details like the amount of money under suspicion and details about the people and organizations involved. We wrote software to extract these details and put them in a database. #FinCENFiles
The narrative section is a written account of what spurred the bank to file the report.
We tried writing programs to automatically extract this information, but it wasn't possible. So the #FinCENFiles collaboration did it the old-fashioned way: We read every page.
We tried writing programs to automatically extract this information, but it wasn't possible. So the #FinCENFiles collaboration did it the old-fashioned way: We read every page.
#FinCENFiles reporters combed through approximately 3 million words in the narrative sections of these SAR reports.
To give you a sense of the scale, that’s roughly equivalent to reading these eight famous books.
To give you a sense of the scale, that’s roughly equivalent to reading these eight famous books.
With the help of @ICIJorg and partners, we divided this task among more than 80 reporters. After additional verification, we were able to map out more than 200,000 transactions, creating a structured database with more detail than FinCEN itself provides investigators #FinCENFiles
The #FinCENFiles contain reports submitted by nearly 90 banks and other financial institutions. This particular collection of documents is not a representative sample of what banks file overall.
The #FinCENFiles also provide information on more than 10,000 people and organizations spanning more than 170 countries and territories. They also touch almost every state in the US.
The SARs, however, are far more likely to mention organizations than people. The locations of those organizations read like a where’s where of wealth accumulation and management. More than 400 feature companies with addresses in the British Virgin Islands. #FinCENFiles
Last year, banks and other financial institutions filed more than 2 million SARs. Government investigators who combat money laundering told BuzzFeed News that the sheer volume of SARs made it impossible to pay close attention to them all. #FinCENFiles
This story is part of the #FinCENFiles, a collaboration across 88 countries that reveals the secrets of the world’s most sophisticated financial intelligence system.
Read the reporting: https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
Read the reporting: https://www.buzzfeednews.com/article/jasonleopold/fincen-files-financial-scandal-criminal-networks?bftwnews&utm_term=4ldqpgc#4ldqpgc
