The international financial sector was reportedly alive with talk earlier this week over reports that a number of prominent banking institutions have been profiting handsomely from illicit dealings from what a media report seen by the Stabroek Business describes as “disreputable people and criminal networks.”
The report, monitored from the Jamaica Gleaner earlier this week names a number of ‘big name’ banks -JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon – being among them, which it says have continued to be associated with illicit dealings despite previous warnings from regulators.
The Jamaica Gleaner report seen by this newspaper refers to a “leaked government document” indicating that the delinquent banks have persisted in the movement of illicit funds despite receiving warnings of potential criminal prosecutions. JP Morgan, one of the named banks, reportedly moved monies associated with major irregularities tied to what the report calls “the massive looting of public funds” in named countries including Malaysia, Venezuela and the Ukraine.”
“The consortium’s investigation found the documents identify more than US$2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity, and US$1.3 trillion of that activity took place at Deutsche Bank. Shares of Deutsche Bank dropped 7.7 per cent,” the Jamaica Gleaner reported.
