The traditional financial system was left shocked with damaging news to the banking system, this after Buzzfeed News and other media firms reported and shared the suspicious activity reports(SARs) with the International Consortium of Investigative Journalists. According to the documents major banks allowed free transactions from accounts which were flagged by the internal compliance departments of financial institutions between 1999 and 2017 amounting to the amount of $2 trillion. This could be transactions which were made to launder money or even worse to fund illegal activities with some linked to a Russian mob and the Taliban. Some of the banks linked directly in the reports and also based on wall street include HSBC Holdings Plc, JP Morgan Chase & Co, Bank of New York, Deutsche Bank AG and Standard Chartered Plc.
This brings in question the issue of law enforcement surrounding the banking industry and whether or not the bankers are above the law. In 2012 HSBC Holdings Plc which is the biggest bank in Europe agreed to pay a $1 billion fine to the US authorities for allowing itself to be used to launder a river of drug money from the Mexican cartels. Even to date no one has been fired nor arrested from the case which is also a spreading norm in the banking system. The banks are allowed to get away with murder whereas ordinary citizens are held accountable with the full length of the law. This proves of the lack of accountability and the dirty rewards of having a lot of money to bribe your way out of sticky situations.
During the mass adoption of cryptocurrencies which has been taking place over the years, the bankers were alleging that the number one cryptocurrency Bitcoin was used to launder money because of the full privacy it contains however over the years it has proven to show that the number one laundering has been taking place in the supposedly most regulated institutions in the world and without punishment.
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