Turns out — there is now a round 2 of the Panama Papers. Except this time around the western world is being targeted for its acts of illicit money laundering and more. In what are now known as the FinCEN papers —- the likes of JP Morgan Chase & HSBC are just two of the banks revealed to be taking part in money laundering schemes for all types of people. The papers revealed those people to be corrupt leaders; drug kingpins and queen pins, and other bad actors throughout the quite literal world in which we live in.
Suspicious Activity Reports (or SARS here guys) play a big part in this file collection released by the International Consortium of Journalists. SARS are specialized and otherwise closely guarded secret reports that banks keep on customers they think may be breaking the law. Those reports are then turned over to the Treasury Department ‘s Enforcement Department that then investigates. The problem with that there is the fact that alike mentioned in the document leak —- the feds rarely actually make a move or an arrest in that essence. Instead, banks are allowed to continue to launder billions of dollars amassing obscene amounts in fees.
In a shining example of just how long they’ve managed to get away with it, er, the BBC has an interesting profile most might want to check out. In their profile, the BBC chronicles one particular instance that a checking account was found to have belonged to one of the FBI ‘s Most Wanted Criminals. That person’s name is unknown at this time, however, he/she is believed to have been an underworld figure.
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