It seems money issues are taking place around the globe. Recently leaked documents involving about $2 trillion of transactions have revealed how some of the world’s biggest banks have allowed criminals to move dirty money around the world.
While many have known these types of things were taking place, this is just the latest in a string of leaks over the past five years that have exposed secret deals, money laundering, and financial crime.
These documents are some of the international banking system’s most closely guarded secrets. As banks use them to report suspicious behavior, but they are not proof of wrongdoing or crime.
If you are wondering what the FinCEN is; It is the US Financial Crimes Enforcement Network. In essence, these are the people at the US Treasury who combat financial crime. Concerns about transactions made in US dollars need to be sent to FinCEN, even if they took place outside the US.
While several banks and institutions have been named, one sticks out more than others. JP Morgan Chase has apparently not been playing fair at all. The report details how JP Morgan, provided banking services to a secretive offshore company called ABSI Enterprises between 2002 and 2013, even though the firm’s ownership was not clear from the bank’s records.
There are other accusations in the reports that would make anyone cringe. We are dealing with enough money issues as a country already. As more info is made available, we will definitely keep you all posted.