HSBC, Standard Chartered are reminded repeatedly in the case of suspecting trillions of dollars “dirty money”
The two “giants” banks HSBC and Standard Chartered of the UK are names that are repeated frequently in the record of the money transfer of the world banking industry.
|Standard Chartered shares listed in London fell 3.6% in the session on September 21 to the lowest level in 22 years.|
The Guardian newspaper called the world banking industry’s illicit money transactions that had just been uncovered as highly corrupt when thousands of detailed documents showed that the $ 2 trillion transactions were “laundered”. through the US financial system.
Shares of Barclays Banking and Financial Services Company on September 21 lost 4% at the beginning of the London session while HSBC’s London-listed shares slid 3.6% to the lowest level on record. Asian financial crisis in 1998, while Standard Chartered shares listed in London also fell 3.6% to the lowest level in 22 years.
Previously, the news website BuzzFeed and many other media reported that HSBC and Standard Chartered and many other banks had transferred large amounts of money that were considered unjust for nearly two decades, despite being warned about the origin. those funds. The above information is based on suspicious behavioral reports (SARs) that banks and finance companies send to the Financial Violation Handling Authority (FinCen) under the US Department of the Treasury.
The SAR reports, which BuzzFeed news agency uncovered and shared with the International Federation of Investigative Journalists and many other media outlets, have listed 2,100 “suspicious” cases. According to the Federation of International Investigative Journalists, HSBC and Standard Chartered are two of the five banks that appear most in SAR documents.
Banks and financial institutions have reported on SAR documents because they believe that customers are using their services in potentially criminal activity. However, filing a SAR report does not mean that banks stop dealing with the suspicious customer.
Documents passed to BuzzFeed News and shared with the International Federation of Investigative Journalists (ICIJ) show that major banks have provided financial services to individuals at high risk of crime from all over the world, even individuals who have been punished by the US government.
According to the International Federation of Investigative Journalists, documents related to “dirty” money transactions worth more than $ 2,000 billion were made in 18 years, from 1999 to 2017.
Notably, Mr. Paul Manafort, a political strategist who led Donald Trump’s 2016 presidential campaign for several months, is also on the list of individuals involved in SAR records. .
Paul Manafort has resigned after consulting work for former Ukrainian President Viktor Yanukovych was exposed. Then the strategist was charged with fraud and tax evasion.
Responding to allegations of unfair transactions, the representative of HSBC said: “All information that the Federation of International Journalists for Investigation is past”. The HSBC side added that since 2012, this bank has persistently strengthened its capacity to deal with financial crimes through more than 60 jurisdictions. By the end of 2017, the US Department of Justice determined that HSBC was enforcing all its obligations and that HSBC was a much safer institution than in 2012.
Standard Chartered insists: “We have a responsibility to take financial crimes seriously and invest consistently in our compliance programs.” Meanwhile, Barclays said the company “complies with all legal and regulatory obligations, including those related to US sanctions”.
“Illegal conduct is often clearly perceived and often exposed when carefully gathering evidence to determine whether transactions have been made before or after. submit SAR report. If we perceive concerns about financial crime, we will take appropriate action and have practically done so in many cases over the years, “Barclays justified.