{"id":15974,"date":"2020-09-22T12:09:50","date_gmt":"2020-09-22T19:09:50","guid":{"rendered":"http:\/\/occupysf.net\/?p=15974"},"modified":"2020-09-22T12:11:25","modified_gmt":"2020-09-22T19:11:25","slug":"global-banks-enabled-ponzi-scheme-moved-vast-sums-of-illicit-money-leak-shows","status":"publish","type":"post","link":"http:\/\/occupysf.net\/index.php\/2020\/09\/22\/global-banks-enabled-ponzi-scheme-moved-vast-sums-of-illicit-money-leak-shows\/","title":{"rendered":"Global banks enabled &#8216;Ponzi scheme&#8217;, moved vast sums of illicit money, leak shows"},"content":{"rendered":"\n<p>Issued on:&nbsp;21\/09\/2020 &#8211; 04:39 (France24.com)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/s.france24.com\/media\/display\/8faee144-fba4-11ea-80f4-005056a98db9\/w:980\/p:16x9\/2020-09-09T134436Z_1833684247_RC21VI9MJYD1_RTRMADP_3_HEALTH-CORONAVIRUS-GLOBAL-FINANCIAL.webp\" alt=\"A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia September 9, 2020.\"\/><figcaption>A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia September 9, 2020.&nbsp;REUTERS &#8211; LIM HUEY TENG<\/figcaption><\/figure>\n\n\n\n<figure><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/EcfDTHaqAaE\" allowfullscreen=\"\"><\/iframe><\/figure>\n\n\n\n<p>Text by:<a href=\"https:\/\/www.france24.com\/en\/news-wires\">NEWS WIRES<\/a><\/p>\n\n\n\n<p>Massive sums of allegedly dirty money have flowed for years through some of the world&#8217;s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.<\/p>\n\n\n\n<p>&#8220;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&#8217; own employees,&#8221; according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ).<\/p>\n\n\n\n<p>The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the&nbsp;<a href=\"https:\/\/www.france24.com\/en\/tag\/usa\/\">US<\/a>&nbsp;Treasury Department&#8217;s financial law enforcement agency, FinCEN, by&nbsp;<a href=\"https:\/\/www.france24.com\/en\/tag\/banking\/\">banks<\/a>&nbsp;from around the world.<\/p>\n\n\n\n<p>&#8220;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,&#8221; wrote US outlet Buzzfeed News, in the introduction of its report.<\/p>\n\n\n\n<p>The documents relate to $2 trillion in transactions that circulated between 1999 and 2017.<\/p>\n\n\n\n<p>The investigation points in particular to five major banks &#8212;&nbsp;<a href=\"https:\/\/www.france24.com\/en\/tag\/jpmorgan-chase\/\">JPMorgan Chase<\/a>,&nbsp;HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon &#8212; accused of continuing to move assets of alleged criminals, even after being prosecuted or convicted for financial misconduct.<\/p>\n\n\n\n<p>&#8220;The networks through which dirty money traverse the world have become vital arteries of the global economy,&#8221; Buzzfeed News reported.<\/p>\n\n\n\n<p>In a statement, Deutsche Bank said that the ICIJ&#8217;s revelations were &#8220;well known&#8221; to its regulators. The bank also said it had &#8220;devoted significant resources to strengthening our controls,&#8221; as well as focused on &#8220;meeting our responsibilities and obligations.&#8221;<\/p>\n\n\n\n<p>The investigation also highlighted the American authorities&#8217; lack of power in regulating dirty financial transactions.<\/p>\n\n\n\n<p>In a statement released prior to the investigation&#8217;s publication, FinCEN said that the &#8220;unauthorised disclosure of SARs is a crime that can impact the national security of the United States.&#8221;<\/p>\n\n\n\n<p><em>(AFP)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Issued on:&nbsp;21\/09\/2020 &#8211; 04:39 (France24.com) Text by:NEWS WIRES Massive sums of allegedly dirty money have flowed for years through some of the world&#8217;s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations. &#8220;Profits from deadly drug wars, fortunes embezzled from developing countries, and&#8230; <a class=\"continue-reading-link\" href=\"http:\/\/occupysf.net\/index.php\/2020\/09\/22\/global-banks-enabled-ponzi-scheme-moved-vast-sums-of-illicit-money-leak-shows\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/15974"}],"collection":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=15974"}],"version-history":[{"count":3,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/15974\/revisions"}],"predecessor-version":[{"id":15977,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/15974\/revisions\/15977"}],"wp:attachment":[{"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=15974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=15974"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=15974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}