World News

FinCEN File Search Brings New Bank Rules


Demonstrating the proliferation of dirty laundry that the world’s most powerful banks do openly regulators, a FinCEN files Research has shifted the financial sector as a matter of course since the Great Depression – and has encouraged strong action in the US and beyond.

Just weeks after BuzzFeed News, the International Consortium of Investigative Journalists, and 108 news outlets around the world began publishing confidential articles, UK lawmakers set up legally questioned in charge of banks in Britain, members of the European Parliament urged a powerful solution for the whole region, and research was launched in countries from Thailand to Liberia.

Interestingly, FinCEN files provided the final influence in Washington, DC, to make a big difference the new law dealing with one of the most effective tools for drilling money mentioned in these articles: anonymous gun companies. The bill, which was passed last week with the help of bipartisan forces, requires that many of America’s top secret companies disclose their ownership and benefits.

The Corporate Transparency Act marks a major overhaul of anti-money laundering laws since the Patriot Act in 2001.

Donations the legal package, which appears in the annual security bill, also contributes to some of the systemic problems found in the FinCEN Files, which exposed the inefficiency of government officials and the many ways in which banks fail to establish bad money.

Some of these changes: The Department of Justice should provide annual reports to confirm the use of antitrust agreements – a policy that allows banks that comply with anti-money laundering laws to avoid prosecution. The U.S. Treasury Department is also looking for new technologies to monitor the flow of funds and to link between government agencies and government agencies. And those who whistle for incompetence are protected.

Although President Donald Trump has promised to restore the above-mentioned funds – because they do not restore security that is not in line with the TV industry – lawmakers can still vote.

Officials have cited the BuzzFeed News – ICIJ study as the reason why the change was funded after years of inactivity. “The BuzzFeed story clearly shows that we need to strengthen, reform, and change our own anti-money laundering laws,” said Sen. Sherrod Brown, senior Democrat on the Senate Banking Committee. “This has already happened.”

Sen. Ron Wyden, a well-known Democrat on the Senate Committee on Finance, also quoted FinCEN Files on the day the bill was issued, saying: ” common law for reasons inconsistent with financial law.)

To further investigate the FinCEN Files, journalists on six continents analyzed the massive disclosure of suspicious reports, or SARs, from the Financial Treasure Enforcing Network (FinCEN) of the US Treasury department (FinCEN). SAR reported more than $ 2 trillion in suspicious cases in almost every part of the world, with journalists linking money laundering to terrorist groups, drug lords, and religious leaders. A 16-month study found how banks have helped keep money flowing and how international regulators have failed to control terrorists or oppress banks.

A few weeks before its release, journalists working for FinCEN Files informed government officials of their findings and asked for their response. Officials in US and the UK has announced it has changed its anti-money laundering laws – the exact rules that FinCEN files showed were hacking and ineffective.

After BuzzFeed News merged with the U.S. Treasure department, the agency announced that it would begin receiving comments from individuals and experts on how to enact the Banking Secrecy Act of 1970, which has long governed anti-money laundering laws. Sponsors, banks, financial institutions, and alumni commented 110 times, many confirming what the FinCEN Files showed: US anti-money laundering strategies need to be improved.

Meanwhile, on September 18, two days before the original FinCEN Files issues are to be published, London officials announced plans fixing the way the UK collects most of the companies that have registered there.

“It’s not hard to believe that the recent publication of FinCEN Files forced them to do this,” said Tom Keatinge, director of the Center for Financial Crime and Security Study at the Royal United Services Institute.

As soon as the issues became public, demand for change grew.

British MPs he found valid questioning on the “most difficult” questions asked in FinCEN Files. Parliamentary Finance Committee he swore monitor the progress of government officials and regulatory agencies in preventing wasteful spending.

Speaking at the European Parliament, politicians calling for appropriate legislation closely supervised as a new regulatory body or a major corporation of an existing corporation, the European Banking Authority.

“Available cash machines it will not work, ”Said Eero Heinäluoma, a Finnish member of the European Parliament, discussing the FinCEN files. “It’s Swiss cheese, filling the pits.”

Other governments around the world have also jumped on the bandwagon. In the Seychelles and Liberia, press releases were sent to anti-corruption groups for action.

At the same time, terrorists and dictatorial regimes, which were once accustomed to keeping economic secrets, lashed out at journalists. Prior to the release of FinCEN files and beyond, journalists in African and Middle Eastern countries were mocked, intimidated, and threatened to sue. In Turkey, a court banned the publication of a number of FinCEN Files articles.

At the same time, FinCEN files have proven to be a powerful weapon in the face of a global war of openness and accountability.

Niger’s rights activists have cited the FinCEN Files case as part of a series of lawsuits forcing the government to open a $ 120 million fraudulent investigation that government investigations said was missing. In Thailand, directors are research four home banks whose activities were highlighted by analysis for a list. It’s Belgian banks he wants to the establishment of a platform to exchange information on a number of suspicions, and American banks supported the policy directly to the mining industry.

The coercive part of the banking industry, by contrast, has tried to discredit the findings of the investigation.

Bank Policy Institute issued a words, supported by television commercials, attempted to throw cold water on the need for FinCEN Files.

The commission criticized the findings: banks sometimes continue to sell goods to customers who have been repeatedly accused of suspicion. The pressure group says the government “usually” tells banks to keep their accounts so that security guards can monitor them.

Of the articles in FinCEN Files, however, BuzzFeed News can only find a double mention of rules like these.

The coercive group also stated that a large portion of SARs do not comply with prohibited practice. Commenting on a study from 14 banks, the group said: “Our findings show that approximately 4% of SARs are compliant.

The group added: “Ultimately, this means that 90-95% of the people described by the banks must have been innocent.”

But the subsequent lack of government does not mean that what was said was legitimate. Federal investigators do not have the resources to expel any lead and do not simply notify banks when they investigate the SARs, which they are asked by law enforcement agencies to show.

By law, banks are required to report incidents of financial or other financial irregularities. SARs not only provide evidence that they are guilty but also consider it necessary for law enforcement to carry out illegal activities.

Speaking this month to the American Bankers Association, FBI Director Christopher Wray He said SARs “adopt a variety of systems” and allow providers to “follow economic trends, investigate individuals and organizations, identify their leads, link dots, and promote research.” According to the law, reports, they can help identify drug components, explain how funding helps security agencies, and help supervisors decide whether to select companies or individuals who are involved in wrongdoing.

After linking to BuzzFeed News with questions on the matter, the Bank Policy Institute responded and researched the research on the matter and repeated that FinCEN Files was set up with a small section of documents, one-millionth of which is paid annually.

Shortly after the publication of FinCEN files, global stocks it fell miraculously, but it was the extravagance that grew the industry. The series also encouraged meditation and discussion in various media and industrial farms. “These bank evils are nonsense,” a Independent, published in the UK, he said. “This repetition … makes sense for months or years.”

Of the more than 100 groups and pillars that have been published in business and business literature since September, industry experts pointed to FinCEN files as they encouraged change. At International Banker, Laurent Liotard-Vogt and Florent Palayret, who work for the technology company Chappuis Halder & Co., he wants to solutions to the problems, including laws banning the manufacturing industry, and concluded: “The whole system is on the verge of collapse and needs to be reconsidered.”

Nine days after the discovery of the FinCEN Files investigation, Linda A. Lacewell, general manager New York State Department of Finance, published its own publication analysis, noting that this list provides an opportunity to address issues that already exist. “Now, with this new perspective, we need to take action,” he wrote.

Sen. Elizabeth Warren, member of the Banking, Housing, and Urban Affairs Committee, mentioned issues calling for significant changes in management.

In a statement to BuzzFeed News this week, he said the Corporate Transparency Act should only be a first step and encouraged other reforms, including Wall Street, to hold financial accountability. “I continue to push rules to hold the authorities accountable for their actions if their organizations violate the law. ”


Source link

Related Articles

Leave a Reply

Back to top button