FinCEN FILES – MORE STORIES AND UPDATES

The FinCEN Files – Live Aggregated News

HSBC moved vast sums of dirty money after paying record laundering fine

https://www.icij.org/investigations/fincen-files/hsbc-moved-vast-sums-of-dirty-money-after-paying-record-laundering-fine/

UAE central bank failed to prevent sanctions evasion

Leaked documents show Dubai-based Gunes General Trading processed $142 million in suspicious transactions through the UAE financial system in 2011 and 2012.  The activity was flagged by a British bank, but the firm was able to continue using local financial institutions.

https://www.bbc.com/news/world-middle-east-54176127

Filipino remittance firms were investigated in the aftermath of the 2016 cyber-heist that siphoned off $81 million from the central bank of Bangladesh

Documents now show that a few years before the daring theft, these remittance firms had moved millions of US dollars in “suspicious” transactions, raising the question as to why they were not stopped in their tracks much earlier.

https://pcij.org/article/4297/ph-money-remitters-flagged-in-millions-of-dollars-in-suspicious-transactions

Dublin CSP business features in leak of US treasury documents

The FinCEN Files contain multiple references to the company services business, International Overseas Services (IOS), that had links to an address in Ranelagh, Dublin.  The documents shed fresh light on how UK limited liability partnerships (LLP) are playing a massive role in the flow of suspect funds through the global banking system.  IOS set up hundreds of UK LLP that have subsequently cropped up in scandals around the world.

https://www.irishtimes.com/business/financial-services/fincen-files-dublin-business-features-in-leak-of-us-treasury-documents-1.4359851

ING Bank Worked for Russian Money Laundering Network

Over the past decade, ING Bank has carried out billion-dollar transactions for companies from one of the largest Russian money laundering networks ever exposed.  The ING Polish subsidiary executed transactions for 2 Dutch bank clients: Schildershoven Finance BV and Tristane Capital BV.  According to U.S. authorities, these companies played a central role in illegally siphoning billions of dollars out of Russia.  Schildershoven and Tristane were engaged in ‘mirror trading’, according to the documents – where, through an opaque network of anonymous companies, shares or bonds are bought in rubles, then sold in dollars or euros immediately afterwards.  This allows for rubles to be converted into western currency and for dirty money to be laundered, out of the sight of tax authorities or AML inspectors.

https://www.platform-investico.nl/artikel/ing-bank-worked-for-russian-money-laundering-network/

How banks helped Venezuela’s ‘boligarchs’ extract billions

The “boligarchs” are wealthy businessmen with close ties to the governments of Chávez and his successor, Nicolás Maduro.  Their wealth derives in large part from government contracts, often to provide services for the poor.  Banco Espirito Santo, headquartered in Portugal before it was broken up by regulators, moved more than a hundred million dollars out of Venezuela.  Major global banks also played a part. JPMorgan Chase, based in New York, and Standard Chartered, headquartered in London, processed questionable transactions while serving as correspondent banks, an intermediary role in which multinational banks plug smaller lenders into the global financial system.

https://www.icij.org/investigations/fincen-files/how-banks-helped-venezuelas-boligarchs-extract-billions/

How a sanctions trail led from Syria to Malta

A Maltese company found itself on the US government’s radar over transactions with an energy company later sanctioned for supporting the Assad regime in Syria, as US authorities sought information on Malta-based Petrokim Trading and other foreign companies.

https://timesofmalta.com/articles/view/fincen-files-how-a-sanctions-trail-led-from-syria-to-malta.819532

Israel aerospace giant paid $155 million to opaque firms linked to Azerbaijani Laundromat

Armenpress on 22 September reported that the leaks reveal that Israel Aerospace Industries (IAI) –paid at least $155,000,000 to 2 companies that were reportedly used as a secret slush fund for the Azerbaijani ruling regime.https://armenpress.am/eng/news/1028457.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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