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Some of the world’s biggest banks including HSBC and Barclays ‘let criminals and fraudsters move dirty money around the globe – in some cases even after being told’ global investigation reveals

Daily Mail [1]
September 21, 2020

Some of the world’s biggest banks let criminals and fraudsters move dirty money around the world, according to leaked financial dossiers. 

Banking papers detailing $2 trillion in dealings were analysed after being leaked to Buzzfeed News and shared with the International Consortium of Investigative Journalists, which distributed them to 108 news organisations, BBC Panorama said.

HSBC is one of several international banks whose name appears most in the cache of thousands of secret US government documents called the FinCEN files.

They show that HSBC continued shuttling funds through to accounts in Hong Kong months after it was warned about the Ponzi scheme worth £62 million.

When HSBC, the UK’s largest bank, closed down the fraudsters’ accounts they had already been drained of the millions.

HSBC said in a statement that ‘all of the information provided by the ICIJ is historical.’

The bank said as of 2012, ‘HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime across more than 60 jurisdictions.’

Along with HSBC, the other international banks which appeared most often in the documents were JPMorgan, Deutsche Bank, Standard Chartered and Bank of New York Mellon, the ICIJ reported.

Among the types of transactions highlighted by the report: funds processed by JPMorgan for potentially corrupt individuals and companies in Venezuela, Ukraine and Malaysia; and money linked to a Ukrainian billionaire processed by Deutsche Bank.

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