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09/22/2020
Report: FinCEN Files Reveal Billions In Suspicious Money Flows
PYMNTS.com
A shocking new report reveals an underworld of corruption in the world’s banks and how governments allow it to thrive, BuzzFeed News reported.
The Financial Crimes Enforcement Network (FinCEN) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free.
FinCEN, a division of the U.S. Department of Treasury that analyzes financial transactions to combat money laundering, terrorist financing and other financial crimes across the globe, found the U.S. government appears unable to stop it.
“Some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world,” Martin Woods, a former investigator for Wachovia, the North Carolina-based financial services company that was acquired by Wells Fargo & Co., told the news outlet.
BuzzFeed said the thousands of suspicious activity reports, authored by lenders and shared with the government, offer a glimpse into global corruption enabled by banks and allowed to flourish by regulators.
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