Report on Supply Chain Compliance 3, no. 19 (October 1, 2020)
Leaked documents from the Financial Crimes Enforcement Network, including a trove of suspicious activity reports, show how nation-states and entities use international banking to evade sanctions and launder money. An investigation that included dozens of media organizations, as well as the International Consortium of Investigative Journalists, found that banks moved at least USD 2 trillion in suspicious funds from 1999 to 2017.
According to the consortium,[1] the leak data set contains more than 2,600 files with details on as many as 200,000 transactions logged as suspicious by international banks.
“The [Financial Crimes Enforcement Network] Files show that five global banks — JPMorgan Chase, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon — moved illicit cash for shadowy characters and criminal networks even after U.S. authorities fined these financial institutions for earlier failures to stem flows of dirty money.”