Banks In Disaster Mode After Trillions Disappear

Major banks’ stock prices sank Monday after news reports detailed how they allegedly moved huge sums of money for criminals around the world.

Shares in finance giants Deutsche Bank, JPMorgan Chase and HSBC tumbled after the revelations that they and others handled more than $2 trillion in sketchy transactions linked to drug dealers, terrorists, human traffickers and other illicit operations, according to secret documents obtained by BuzzFeed News.

The banks reportedly flagged the transactions in more than 2,100 “suspicious activity reports” filed from 1999 to 2017. Banks file those reports with the US’s Financial Crimes Enforcement Network when there are signs of money laundering or other potential crimes — but they went ahead with most of these transactions anyway, collecting fees in the process, BuzzFeed reported.



Leave a Reply