{"id":176037,"date":"2020-09-21T18:19:00","date_gmt":"2020-09-21T23:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/09\/21\/headline-of-the-day-8\/"},"modified":"2020-09-21T18:19:00","modified_gmt":"2020-09-21T23:19:00","slug":"headline-of-the-day-8","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/09\/21\/headline-of-the-day-8\/","title":{"rendered":"Headline of the Day"},"content":{"rendered":"

Banks\u2019 Airtight Compliance Procedure Involves Laundering Money, Sending Report That Won\u2019t Be Read, Collecting Fees, Laughing All The Way Back To Themselves<\/span><\/b><\/span><\/p>\n

\u2014Dealbreaker<\/i><\/a><\/span><\/p><\/blockquote>\n<\/blockquote>\n

To be fair, the story was broken by Buzzfeed<\/i><\/a>, but they don’t have the same attitude as Dealbreaker<\/i>.<\/p>\n<\/p>\n

\n

A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins.<\/p>\n

And the US government, despite its vast powers, fails to stop it.<\/p>\n

Today, the FinCEN Files \u2014 thousands of \u201csuspicious activity reports\u201d and other US government documents \u2014 offer an unprecedented view of global financial corruption, the banks enabling it, and the government agencies that watch as it flourishes. BuzzFeed News has shared these reports with the International Consortium of Investigative Journalists and more than 100 news organizations in 88 countries.<\/p>\n

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. 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\u2019 own employees.
Laws that were meant to stop financial crime have instead allowed it to flourish. So long as a bank files a notice that it may be facilitating criminal activity, it all but immunizes itself and its executives from criminal prosecution. The suspicious activity alert effectively gives them a free pass to keep moving the money and collecting the fees.<\/p>\n

\u2026\u2026\u2026<\/p>\n

But the FinCEN Files investigation shows that even after they were prosecuted or fined for financial misconduct, banks such as JPMorgan Chase<\/a>, HSBC<\/a>, Standard Chartered<\/a>, Deutsche Bank<\/a>, and Bank of New York Mellon<\/a> continued to move money for suspected criminals.<\/span><\/p>\n<\/blockquote>\n

This information should be routinely made public.<\/p>\n

Name and shame the oligarchs and those who help them to launder their money. <\/p>\n","protected":false},"excerpt":{"rendered":"

Banks\u2019 Airtight Compliance Procedure Involves Laundering Money, Sending Report That Won\u2019t Be Read, Collecting Fees, Laughing All The Way Back To Themselves \u2014Dealbreaker To be fair, the story was broken by Buzzfeed, but they don’t have the same attitude as Dealbreaker. A huge trove of secret government documents reveals for the first time how the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[368,588,444,437],"class_list":["post-176037","post","type-post","status-publish","format-standard","hentry","tag-corruption","tag-fail","tag-international-finance","tag-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176037"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176037"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176037\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}