WHAT ARE THE FinCEN FILES?
More than 2,500 documents called the US Financial Crimes Enforcement Network (FinCEN) Files contain international banking systems' most closely guarded secrets. These documents are used by banks to report suspicious behaviour of clients through Suspicious Activity Reports (SARs).
THE BIG LEAH
Reports suggest that more than 2,100 SARS show how banks facilitated illicit funds of $2 trillion over the year.
FinCEN lists 54 shell companies that moved billions of dollars including UK-based Limited Liability Partnerships and a money laundering network operated by Russian businessmen from as early as 2011, an undated FinCEN report suggested.
VALUE OF TRANSACTIONS FLAGGED BY GLOBAL BANKS 1999/2017
Deutsche Bank AG - $1,310 bn
JP Morgan Chase - $514.2 bn
Standard Chartered Plc - $166.1 bn
Bank of New York Mellon Corp - $64.1 bn
Barclays Plc HSBC Holdings Plc - $4.48 bn.
Barclays Plc - $21.6 bn
SOME KEY FINDINGS
• JP Morgan allowed a company to move more than $1bn through a London account whose owner could be a mobster on the FBI's 10 Most Wanted list
• The files identify HSBC's role in an $80 mn fraud, involving a WCM777 scheme
• Deutsche Bank moved money launderers money for organised crime, terrorists and drug traffickers
• Standard Chartered moved cash for Arab Bank for over a decade after clients' accounts had been used in funding terrorism
THE INDIAN LINK
At least 44 Indian correspondent banks" figure in the FinCEN list, including State Bank of India, Punjab National Bank, Kotak Mahindra, HDFC Bank, Canara Bank, among others,
Reports revealed suspicious bank transactions from a bankrupt steel plant, a multinational Indian conglomerate, an IPL sponsor, connections with the underworld and others
As per reports, Indian banks received $482,181,226 from outside the country and transferred from India $ 406278962
HOW LONG IT TOOK TO REPORT A SUSPICIOUS ACTIVITY REPORT
The median number of days taken by top 5 banks to file a report to FinCEN from transaction date
Deutsche Bank - 136
Bank of New York Mellon - 210
Standard Chartered - 426
JPMorgan - 519
Barclays - 1205
FINANCIAL LEAKS IN THE RECENT PAST
2017-Paradise Papers Revealed the offshore financial dealings of politicians, celebrities and business leaders
2015-Swiss Leaks Showed how a private bank was using banking secrecy laws to help clients avoid paying tax
2016-Panama Papers Revealed how wealthy people were using offshore tax regimes to their benefit
2014-LuxLeaks Big companies were using tax leads to reduce the amount they were having to pay
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