Sep 20, 2020

FinCEN Files: HSBC moved Ponzi scheme millions despite warning

HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show. Its role in the $80m fraud is detailed in a leak of documents - banks' "Suspicious activity reports" - that have been called the FinCEN Files. The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn in the US over money laundering. Fergus Shiel, from the consortium, said the FinCEN Files are an "Insight into what banks know about the vast flows of dirty money across the globe [The] system that is meant to regulate the flows of tainted money is broken". The FinCen Files is a leak of secret documents which reveal how major banks have allowed criminals to move dirty money around the world.

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