FinCEN Files on:
[Wikipedia]
[Google]
[Amazon]
The FinCEN Files are documents from the
U.S. Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...
's
Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terr ...
(FinCEN), that have been leaked to ''
BuzzFeed News
''BuzzFeed News'' is an American news website published by BuzzFeed. It has published a number of high-profile scoops, including the Steele dossier, for which it was heavily criticized, and the FinCEN Files. Since its establishment in 2011, it ...
'' and the
International Consortium of Investigative Journalists
The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C. with pe ...
(ICIJ), and published globally on 20 September 2020.
The 2,657 leaked documents include 2,121
suspicious activity report
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be ma ...
s (SARs)
covering over 200,000 suspicious financial transactions between 1999 and 2017 valued at over trillion by multiple global financial institutions.
The ''BuzzFeed News'' report concludes that the documents appear to show that both the banks that filed the SARs and
FinCEN
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terr ...
had this
financial intelligence
Financial intelligence (FININT) is the gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions. Generally the term applies in the context of law enfo ...
but did little to stop activities such as
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
.
The SARs were generated by financial institutions in more than 170 countries that played a role in facilitating money laundering and other fraudulent crimes.
Journalists around the world have criticized both the banks and the US government, the
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
stating it shows how the "world's biggest banks have allowed criminals to move dirty money around the world", and ''BuzzFeed News'' claiming the files "offer an unprecedented view of global financial corruption, the banks enabling it, and the government agencies that watch as it flourishes."
Background
Financial Crimes Enforcement Network (FinCEN) is a bureau of the
United States Department of the Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...
that collects and analyses financial information to combat
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
,
terrorism financing
Terrorism financing is the provision of funds or providing financial support to individual terrorists or non-state actors.
Most countries have implemented measures to counter terrorism financing (CTF) often as part of their money laundering la ...
, evasion of
economic sanctions
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. Economic sanctions are not necessarily imposed because of economic circumstances—they may ...
and other
financial crimes
Financial crime is crime committed against property, involving the unlawful conversion of the ownership of property (belonging to one person) to one's own personal use and benefit. Financial crimes may involve fraud (cheque fraud, credit card f ...
. Financial institutions are required to file
suspicious activity reports (SARs) with FinCEN when they suspect their clients are engaging in financial crime.
These SARs are not evidence of a crime, but the FinCEN claims they provide vital information to investigate crimes.
Unauthorized disclosure of a SAR is a US federal criminal offense, as it could undermine or hamper ongoing investigations, and threaten the safety of financial institutions and those who file the SARs.
FinCEN collected more than 2million SARs in 2020, while its staff has decreased by 10% from 2009 to 2019.
''BuzzFeed News'' sources also claim that most SARs are not read or acted upon. The ''BuzzFeed News'' report claims that besides filing a SAR when they suspect suspicious activity, banks are also required to take action themselves to deal with corruption or money laundering.
Investigative journalism
''BuzzFeed News'' obtained the 2,657 leaked documents, including 2,121 SARs, in 2019 and shared them with the ICIJ.
400 journalists from 88 countries investigated the documents which were brought to the public's attention on 20 September 2020.
''BuzzFeed News'' and the ICIJ state that the files flag over 200,000 transactions dating from 1999 to 2017, worth a total of
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
2trillion. Furthermore, they noted that the findings may not be representative of all SARs, as the files received are less than 0.02% of the more than 12million SARs that financial institutions filed with FinCEN during this period.
The ''Miami Herald'' said that the files "are the most detailed U.S. Treasury records ever leaked."
''BuzzFeed News'' reported that records had been gathered both during the U.S. Congress investigations into
Russian interference in the 2016 United States elections
The Russian government interfered in the 2016 U.S. presidential election with the goals of harming the campaign of Hillary Clinton, boosting the candidacy of Donald Trump, and increasing political and social discord in the United States. Acc ...
and through requests from law enforcement agencies.
Findings
''
BuzzFeed News
''BuzzFeed News'' is an American news website published by BuzzFeed. It has published a number of high-profile scoops, including the Steele dossier, for which it was heavily criticized, and the FinCEN Files. Since its establishment in 2011, it ...
'' has named "
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...
,
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
,
Standard Chartered,
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
, and
Bank of New York Mellon
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...
" as involved in money laundering.
BuzzFeed News also criticizes the
United States government
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a fede ...
for not forcing the banks to stop this activity.
''BuzzFeed'' and the
International Consortium of Investigative Journalists
The International Consortium of Investigative Journalists, Inc. (ICIJ), is an independent global network of 280 investigative journalists and over 140 media organizations spanning more than 100 countries. It is based in Washington, D.C. with pe ...
have also reported that
American Express
American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...
,
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
,
Bank of China
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
,
Barclays
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
,
China Investment Corporation
China Investment Corporation (CIC) ( Chinese: 中国投资有限责任公司; pinyin: ''zhōngguó tóuzī yǒuxiàn zérèn gōngsī'') is a sovereign wealth fund that manages part of the People's Republic of China's foreign exchange reserves. ...
,
Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...
,
Commerzbank,
Danske Bank
Danske Bank A/S is a Danish multinational banking and financial services corporation. Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers. ...
,
First Republic Bank
First Republic Bank is an American full-service bank and wealth management company offering personal banking, business banking, trust, and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing pe ...
,
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense.
Société Générale ...
,
VEB.RF
VEB.RF, or VEB (russian: ВЭБ.РФ (ex-Vnesheconombank)), is a Russian state development corporation. It was founded in 2007 as a development institute. VEB.RF is an investment company and development institute in Russia. It has financed more t ...
and
Wells Fargo
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
as being involved in the SARs.
The ICIJ noted 62% of the leaked filings involved Deutsche Bank, with at least 20% involving addresses in the
British Virgin Islands
)
, anthem = "God Save the King"
, song_type = Territorial song
, song = "Oh, Beautiful Virgin Islands"
, image_map = File:British Virgin Islands on the globe (Americas centered).svg
, map_caption =
, mapsize = 290px
, image_map2 = Brit ...
.
Prominent individuals highlighted in the leaks include former
Donald Trump campaign manager
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
Paul Manafort
Paul John Manafort Jr. (; born April 1, 1949) is an American lobbyist, political consultant, and attorney. A long-time Republican Party campaign consultant, he chaired the Trump presidential campaign from June to August 2016. Manafort served ...
,
Iranian
Iranian may refer to:
* Iran, a sovereign state
* Iranian peoples, the speakers of the Iranian languages. The term Iranic peoples is also used for this term to distinguish the pan ethnic term from Iranian, used for the people of Iran
* Iranian lan ...
-
Turkish gold trader
Reza Zarrab
Reza Zarrab ( fa, رضا ضراب, tr, Rıza Sarraf; born 12 September 1983) is an Iranian-born businessman based in Turkey. He has Iranian, Azerbaijani, Turkish and North Macedonian citizenship.
In March 2016, he was arrested in the United Sta ...
,
Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...
n businessman
Jho Low
Low Taek Jho (, born 4 November 1981), often called Jho Low, is a Malaysian fugitive businessman, wanted by authorities internationally in connection with the 1Malaysia Development Berhad scandal (1MDB scandal). He has been named the mastermin ...
, and alleged
Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
n organised crime boss
Semion Mogilevich
Semion Yudkovich Mogilevich ( uk, Семен Юдкович Могилевич, Semén Yúdkovych Mohylévych ; born June 30, 1946) is a Ukrainian-born Russian organized crime boss. He quickly built a highly structured criminal organization, in ...
.
Other reporting on national connections to the FinCEN Files includes ''Canadian Broadcasting Corporations reporting on
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
and coverage by the
Australian Broadcasting Corporation
The Australian Broadcasting Corporation (ABC) is the national broadcaster of Australia. It is principally funded by direct grants from the Australian Government and is administered by a government-appointed board. The ABC is a publicly-own ...
.
Africa
It was reported that
Angola
, national_anthem = " Angola Avante"()
, image_map =
, map_caption =
, capital = Luanda
, religion =
, religion_year = 2020
, religion_ref =
, coordina ...
n businesswoman
Isabel dos Santos
Isabel dos Santos (; born 20 April 1973) is an Angolan businesswoman, the eldest child of Angola's former President José Eduardo dos Santos, who ruled the country as a dictator from 1979 to 2017. Once considered Africa's richest woman accordi ...
was flagged for money laundering in 2013.
Asia and Oceania
It was reported that US$167million of possibly dirty money flowed through two Australian banks:
Macquarie Group
Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia' ...
(US$123million) and
Commonwealth Bank
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, busines ...
(US$44million).
The ''Indian Express'' reported that
Jindal Steel and Power
Jindal Steel and Power Limited (JSPL) is an Indian steel company based in New Delhi. JSPL is a part of OP Jindal Group, and a leading player in steel, mining, and infrastructure in India. The company produces steel through backward integration ...
was flagged by
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
for money laundering.
The SARs, with additional investigations by the
Organized Crime and Corruption Reporting Project
The Organized Crime and Corruption Reporting Project (OCCRP) is a global network of investigative journalists with staff on six continents. It was founded in 2006 and specializes in organized crime and corruption. It publishes its stories through ...
, also provide further details on the scheme employed by Reza Zarrab to evade
economic sanctions on Iran, and its links with the
Magnitsky tax fraud and other Russian money laundering schemes.
In
Macau
Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...
, the
Macau News Agency (MNA) reported that 62 transactions involving more than US$68.2million that flowed to or from four banks in Macau between 2000 and 2017 were flagged as potentially suspicious money-laundering transactions. The banks included Bank of China,
Banco Nacional Ultramarino
Banco Nacional Ultramarino (, BNU; ; en, National Overseas Bank) is a Macau banking and financial services corporation. It was a Portuguese bank with operations throughout the world, especially in Portugal's former overseas provinces. It ceased e ...
,
Industrial and Commercial Bank of China (Macau) The Industrial and Commercial Bank of China (Macau) Limited () formerly known as the Seng Heng Bank Limited () established in 2009, is the third largest locally incorporated bank in Macau, China. In August 2007, Industrial and Commercial Bank of Chi ...
, and HSBC Macau. All these transactions were processed through three American-based financial institutions, that filed SARs with FinCEN by the China Investment Corporation,
The Bank of New York Mellon
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...
and Standard Chartered.
In Malaysia, the ''
Malay Mail
The ''Malay Mail'' is a newspaper in Kuala Lumpur, Malaysia, first published on 1 December 1896 when Kuala Lumpur was the capital of the then new Federated Malay States, making it the first daily newspaper to appear in the FMS. As of May 2014 ...
'' reported that several international banks had been flagged in numerous suspicious transactions involving fugitive Malaysian businessman
Low Taek Jho, involving 103 transactions worth US$2.53billion. The banks involved included
Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...
,
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
,
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
,
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...
, and the
Bank of New York Mellon
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...
. Jho allegedly played a role in being the main person in the laundering of proceeds from the government unit
1Malaysia Development Berhad (1MDB).
Also reported by the ''Malay Mail'', that several leading Malaysian banks and international banks with their Malaysian subsidiaries had been flagged by FinCEN in 23 suspicious transactions with over US$4.88million entering andUS$13.38 million leaving the country. The banks included
Public Bank Berhad
Public Bank Berhad () is a bank based in Kuala Lumpur, Malaysia, offering financial services in Malaysia as well as the Asia-Pacific region.
The bank was founded in 1966 by Teh Hong Piow, the then general manager of Malayan Banking. The bank w ...
,
AmBank
AmBank Group comprises AMMB Holdings Berhad (AMBANK 1015) is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance.
The Group trades under a ...
,
HSBC Bank Malaysia
HSBC Bank Malaysia Berhad was incorporated locally in Malaysia on 1 October 1984. It is part of the HSBC Group and is a wholly owned subsidiary of HSBC Holdings plc, headquartered in London.Alliance Bank Malaysia Berhad
Alliance Bank Malaysia Berhadand its subsidiary, Alliance Islamic Bank Berhad, are leading financial institutions in Malaysia that offer a comprehensive range of banking and financial solutions to customers of all segments. The banks provide conven ...
,
United Overseas Bank
United Overseas Bank Limited (), often known as UOB, is a Singaporean multinational banking corporation headquartered in Singapore, with branches mostly found in most Southeast Asian countries. Founded in 1935 as United Chinese Bank (UCB) by S ...
,
CIMB Bank
CIMB Group Holdings Berhad () is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 bran ...
, and Standard Chartered. The flagged transactions going in and out of these Malaysian banks involved overseas accounts in countries including
Afghanistan
Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is bordere ...
,
Latvia
Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of ...
,
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populous ...
, the
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
(UAE) and the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
.
In the
Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
, the
Philippine Center for Investigative Journalism
The Philippine Center for Investigative Journalism (PCIJ) is a non-profit media organization specializing in investigative journalism. It is based in Quezon City, Philippines. Established in 1989 by nine Filipino journalists, the organization fu ...
(PCIJ) reported that the files shows that two Philippine remittance agents Philrem Service Corp. (Philrem) and Werquick Inc. sent more than $1billion of what were deemed suspicious wires from 2012 to 2016, that were coursed through their foreign currency accounts held at Philippine banks
Banco de Oro (BDO),
Metrobank and
Rizal Commercial Banking Corporation
The Rizal Commercial Banking Corporation (RCBC) () is one of the largest universal banks in the Philippines with total consolidated resources of Php 959 billion. It was established in 1960 as a development bank and is licensed by the Bangko ...
(RCBC). Philrem and RCBC were involved in the
illicit transfer of stolen funds from the
Bangladesh Bank
Bangladesh Bank ( bn, বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh.
The bank is active in developing green bankin ...
in 2016.
It was also reported that overseas proceeds from a
sextortion
Sextortion (a portmanteau of '' sex'' and ''extortion'') employs non-physical forms of coercion to extort sexual favors from the victim. Sextortion refers to the broad category of sexual exploitation in which abuse of power is the means of coercio ...
scheme that were sent by
wire transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...
into U.S. banks amounting to more than $400,000 into the accounts of a certain Philippine criminal syndicate led by Charvel Yap Rebagay. His company, Digital Minds and its call centers offices across the Philippines were raided by the
Philippine National Police
The Philippine National Police ( fil, Pambansang Pulisya ng Pilipinas, acronymed as PNP) is the armed national police force in the Philippines. Its national headquarters is located at Camp Crame in Bagong Lipunan ng Crame, Quezon City. Current ...
and
Interpol
The International Criminal Police Organization (ICPO; french: link=no, Organisation internationale de police criminelle), commonly known as Interpol ( , ), is an international organization that facilitates worldwide police cooperation and cri ...
in 2014 for sextortion activities. Rebagay is still a wanted fugitive.
In
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
, the files also revealed a consulting firm for the
Tokyo Olympic 2020 bid committee paid $370,000 to Papa Massata Diack, son of former
International Association of Athletics Federations
World Athletics, formerly known as the International Amateur Athletic Federation (from 1912 to 2001) and International Association of Athletics Federations (from 2001 to 2019, both abbreviated as the IAAF) is the international governing body for ...
(IAAF) President and
International Olympic Committee
The International Olympic Committee (IOC; french: link=no, Comité international olympique, ''CIO'') is a non-governmental sports organisation based in Lausanne, Switzerland. It is constituted in the form of an association under the Swiss ...
(IOC)
Lamine Diack
Lamine Diack (7 June 1933 – 3 December 2021) was a Senegalese businessman, sports administrator, and athlete. He was president of the International Association of Athletics Federations (IAAF) from 1999 to 2015. He was the subject of numerou ...
that were coursed through Black Tidings, a consulting firm based in
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
, received a total of $2million from the bid committee paid into a bank account in the city-state in July and October 2013 and later transferred to Diack's Citibank account.
Diack was jailed for corruption and breach of trust by a Paris district court earlier in 2020.
It was reported that the Turkish bank
Aktif Bank was a financial facilitator for
Wirecard
Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. In June 2020, the company a ...
and was alleged to have laundered money for the
Taliban
The Taliban (; ps, طالبان, ṭālibān, lit=students or 'seekers'), which also refers to itself by its state (polity), state name, the Islamic Emirate of Afghanistan, is a Deobandi Islamic fundamentalism, Islamic fundamentalist, m ...
.
The
Central Bank of the UAE failed to act on SARs related to
evading sanctions in Iran.
Europe
The files showed new details related to the
Danske Bank money laundering scandal
The Danske Bank money laundering scandal arose in 2017-2018, when it became known that around €200 billion of suspicious transactions had flowed from Estonian, Russian, Latvian and other sources through the Estonia-based bank branch of Denmark- ...
.
ICIJ and
Deutsche Welle
Deutsche Welle (; "German Wave" in English), abbreviated to DW, is a German public, state-owned international broadcaster funded by the German federal tax budget. The service is available in 32 languages. DW's satellite television service con ...
report that Germany's Deutsche Bank accounted for 62% of the leaked SARs.
Deutsche Welle further notes that Deutsche Bank was responsible for $1.3trillion worth of suspicious transactions, even after hundreds of millions in fines for violating US sanctions.
''BuzzFeed News'' also reported that the files revealed Deutsche Bank was a major source for money laundering for organised crime, terrorists and drug traffickers.
In
Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, ''
The Irish Times
''The Irish Times'' is an Irish daily broadsheet newspaper and online digital publication. It launched on 29 March 1859. The editor is Ruadhán Mac Cormaic. It is published every day except Sundays. ''The Irish Times'' is considered a newspaper ...
'' reported of a Dublin business called International Overseas Services Group (IOS), an international company services operation, whose office in
Riga
Riga (; lv, Rīga , liv, Rīgõ) is the capital and largest city of Latvia and is home to 605,802 inhabitants which is a third of Latvia's population. The city lies on the Gulf of Riga at the mouth of the Daugava river where it meets the Ba ...
,
Latvia
Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of ...
, helped clients from
Russia
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
and the
former Soviet Union
The post-Soviet states, also known as the former Soviet Union (FSU), the former Soviet Republics and in Russia as the near abroad (russian: links=no, ближнее зарубежье, blizhneye zarubezhye), are the 15 sovereign states that wer ...
establish secret accounts with
Estonia
Estonia, formally the Republic of Estonia, is a country by the Baltic Sea in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the sea across from Sweden, to the south by Latvia, a ...
n and Latvian banks, with United Kingdom
LLP
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not ...
shell companies
A shell corporation is a company or corporation that exists only on paper and has no office and no employees, but may have a bank account or may hold passive investments or be the registered owner of assets, such as intellectual property, or ...
formed back in the 1990s. The FinCEN documents show 646 of 2,100
Scottish and
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
company SARs are linked to this Irish company, the largest number of any such entity. As for his relationship to money laundering, the company founder likens himself to the innocent seller of a criminal getaway car.
The files revealed that US banks have notified their authorities of around $160million that has gone through the partly state-owned
DNB
Drum and bass (also written as drum & bass or drum'n'bass and commonly abbreviated as D&B, DnB, or D'n'B) is a genre of electronic dance music characterized by fast breakbeats (typically 165–185 beats per minute) with heavy bass and sub-ba ...
group. The transactions via DNB took place mainly from 2015 to 2017. Some transfers date back to 2008.
A report by the ''
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
'' suggests that the FinCen Files reveal that the United Kingdom bank