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Major story about international money laundering about to break


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3 minutes ago, Warlord said:

It would not surprise me.

There have been rumours for years that a football club in London that sounds a bit like shellsea launders money for a well connected foreigner by overpaying to buy players and then the very large bungs that go through agents' Swiss bank accounts are squeaky clean and can enable all sorts of nefarious bribery in, say, countries in-between Germany and China. Rumours.

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1 minute ago, Si1 said:

There have been rumours for years that a football club in London that sounds a bit like shellsea launders money for a well connected foreigner by overpaying to buy players and then the very large bungs that go through agents' Swiss bank accounts are squeaky clean and can enable all sorts of nefarious bribery in, say, countries in-between Germany and China. Rumours.

I posted this article a while ago about the Russians and Chinese in London

https://www.wired.co.uk/article/russia-report-golden-visas

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BBC News - FinCEN Files: Sanctioned Putin associate ‘laundered millions’ through Barclays
https://www.bbc.co.uk/news/uk-54225577

 

BBC News - FinCEN Files: All you need to know about the documents leak
https://www.bbc.co.uk/news/uk-54226107

 

BBC News - The FinCEN Files: Your guide to eight years of finance leaks
https://www.bbc.co.uk/news/business-41877932

Edited by Buffer Bear
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The FinCEN Files also show how multinational bank JP Morgan may have helped a man known as the Russian mafia's boss of bosses to move more than a $1bn through the financial system.

Semion Mogilevich has been accused of crimes including gun running, drug trafficking and murder.

He should not be allowed to use the financial system, but a SAR filed by JP Morgan in 2015 after the account was closed, reveals how the bank's London office may have moved some of the cash.

It details how JP Morgan, provided banking services to a secretive offshore company called ABSI Enterprises between 2002 and 2013, even though the firm's ownership was not clear from the bank's records.

Over one five-year period, JP Morgan sent and received wire transfers totalling $1.02bn, the bank said.

-

 

 

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To add a bit of nuance here, the accusation of moving the money after they had made a suspicious transaction report is not black and white.

One thing that a bank must not do is be seen to tip off the customer in anyway. Refusing to transfer money could be seen as tipping off.

The other thing is that a SAR is based purely on suspicion - you do not need firm evidence, but rather a transaction may have characteristics commonly seen in other SARs, but this does not mean that the underlying activity is in any way criminal. If there was strong evidence of criminal activity, they should have reported it to the police, but the article does not clarify this. I don't think HSBC displayed the highest level of competence on this, far from it, but I doubt they were deliberately trying to facilitate a fraudster - the reputational risk was too high.

Official guidance:

Quote

Once you have submitted your SAR you should remember your obligations not to make any disclosures which might constitute an offence of tipping off. This comes under section 333A of POCA or section 21D of the Terrorism Act (TACT) 2000. The NCA does not provide or approve standard wording for you to use in such circumstances. It is therefore recommended that you give careful consideration to how you will handle your relationship with the subject once you have submitted the SAR. This is particularly if the subject is a client or customer of your business.

https://www.nationalcrimeagency.gov.uk/who-we-are/publications/158-introduction-to-suspicious-activity-reports-sars/file#:~:text=What is a SAR%3F,Reason for suspicion

 

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10 minutes ago, Warlord said:

We're talking 10's of millions here.

The BBC should investigate the Russian/Chinese laundering going on in London especially into property and such like. 

I bet  that totals billions!

 

They purchased a lot of flats especially the Chinese, so i am guessing they have lost a lot of money. 

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21 minutes ago, Ah-so said:

To add a bit of nuance here, the accusation of moving the money after they had made a suspicious transaction report is not black and white.

One thing that a bank must not do is be seen to tip off the customer in anyway. Refusing to transfer money could be seen as tipping off.

The other thing is that a SAR is based purely on suspicion - you do not need firm evidence, but rather a transaction may have characteristics commonly seen in other SARs, but this does not mean that the underlying activity is in any way criminal. If there was strong evidence of criminal activity, they should have reported it to the police, but the article does not clarify this. I don't think HSBC displayed the highest level of competence on this, far from it, but I doubt they were deliberately trying to facilitate a fraudster - the reputational risk was too high.

Official guidance:

https://www.nationalcrimeagency.gov.uk/who-we-are/publications/158-introduction-to-suspicious-activity-reports-sars/file#:~:text=What is a SAR%3F,Reason for suspicion

 

I don't find it that remarkable.... 

For some really shoddy practise look at the role of the regulator in the LCF scandal. 

If people are surprised that get rich quick schemes are really just ponzi's... Or that organised crime is a big business they need to get out more 

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1 hour ago, Buffer Bear said:

BBC News - FinCEN Files: Sanctioned Putin associate ‘laundered millions’ through Barclays
https://www.bbc.co.uk/news/uk-54225577

 

BBC News - FinCEN Files: All you need to know about the documents leak
https://www.bbc.co.uk/news/uk-54226107

 

BBC News - The FinCEN Files: Your guide to eight years of finance leaks
https://www.bbc.co.uk/news/business-41877932

Not exactly shocking, is it?

Bank executives going to jail for it, now that WOULD be shocking. 

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If western banks are forbidden to move money for countries the usa doesn't like, Western banks will become less important. 

Russian criminals? Who says so? Not russia. It's the us who says so. 

Can we freeze accounts of usa politicians? No. 

So why do we just tut tut and believe what the us says is good vs evil? 

Ponzi scheme: It's a police matter. Let the police get a freezing order. It's got nothing to do with the bank. Etc. 

A decent bank is one that maintains bank secrecy and doesn't hand info to the tax man. 

Yet here we are praising snitch culture and encouraging the moral collapse of banking. 

We should be doing the opposite. Abolishing the money laundering act etc. 

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23 minutes ago, 24gray24 said:

If western banks are forbidden to move money for countries the usa doesn't like, Western banks will become less important. 

Russian criminals? Who says so? Not russia. It's the us who says so. 

Can we freeze accounts of usa politicians? No. 

So why do we just tut tut and believe what the us says is good vs evil? 

Ponzi scheme: It's a police matter. Let the police get a freezing order. It's got nothing to do with the bank. Etc. 

A decent bank is one that maintains bank secrecy and doesn't hand info to the tax man. 

Yet here we are praising snitch culture and encouraging the moral collapse of banking. 

We should be doing the opposite. Abolishing the money laundering act etc. 

Beginning to be a serious issue for the likes of HSBC and Standard Chartered who face the prospect being frozen out of China thanks to the Orange Man's tantrums.

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1 hour ago, Warlord said:

We're talking 10's of millions here.

The BBC should investigate the Russian/Chinese laundering going on in London especially into property and such like. 

I bet  that totals billions!

 

How many do you want?

I can give you two million up front and another two million five years from now.

Cameron-and-Xi.jpg?w=1200&ssl=1

 

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