Money Makers Mentor

FinCen Files: Big Banks Turned a Blind Eye towards Money Laundering

Several global banks have been turning a blind towards money laundering according, to the International Consortium of Investigative Journalist report. Banks like JP Morgan, Citigroup, Deutsche Bank, HSBC and many others have laundered over $2 trillion between 1997 and 2017, the FinCEN Files stated. 

The Financial Crime Enforcement Network (FinCEN) is a US regulatory body that fights financial crimes and money laundering. Financial Institutions report any suspicious transaction made in U.S. dollars to FinCEN and the US Treasury. This takes place even if the transaction took place outside of the U.S.

A year-long investigation conducted by nearly 85 journalists across the globe exposed how banks have made money laundering a lucrative business. Despite knowing the existence of susp…

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