WHITE COLLAR MONEY LAUNDERING

Big Banks are at the front & center of money laundering of over $2 trillion

International Consortium of Investigative Journalists (ICIJ) has exposed a multi-trillion dollar money laundering scandal

On the face of it, big-name financial institutions (or banks) are supposed to be custodians of your hard-earned money and the first line of defense against illicit activities. While the report of big banks being involved in misdemeanor, illegal activities & money laundering is nothing new, new revelations shed further light on how these mega financial institutions abet corrupt politicians, fraudsters, drug traffickers and terrorist organizations in moving money despite clear red flags.

Roughly two years, three of the “reputed” banks — Deutsche Bank (Germany), Danske Bank (Denmark) & Goldman Sachs (United States) were found to involved in malpractices, covering a 5 year period from 2013–18. Ironically though, billions of dollars of fines handed out by the regulators to these banks have not helped to stop these audacious white-collar crimes, let alone slow them down.

As if this was not enough, the most recent treasure trove of suspicious activity reports (SARs), recovered by BuzzFeed News was…