FinCen Files Probe

September 25, 2020
Technical Staff

An investigation by the International Consortium of Independent Journalists (ICIJ) uncovers the “role of global banks in industrial-scale money laundering — and the bloodshed and suffering that flow in its wake.” 1

This scandal is the tip of the iceberg in a rickety global banking system that poses fundamental risks to global peace and security. It is not possible to underestimate such recklessness on the part of the international supervisory bodies and the administrations of these banks. It has become clear that the imposition of fines is no longer effective or a deterrent.

Anyone who reads what this investigation brought will be nauseous and amazed. It is shameful and immoral to remain silent. We believe there is a legal responsibility on many of the relevant international bodies for everything mentioned in these reports.

As a result, the market responded swiftly. “Deutsche Bank’s shares fell more than 9% by mid-morning Monday while JPMorgan Chase stocks fell 4%. HSBC and Standard Chartered shares touched their lowest level in as much as 25 years, Reuters reported. These falls came amid a wider selloff in global stocks.” 2

Bernie Sanders and Elizabeth Warren

The senators responded to the revelations of this investigation and called for banking reforms.

“Sanders and Warren, former candidates for the 2020 Democratic presidential nomination who both inspired strong support on the left, called for tougher consequences for banks and their executives who move money linked to crime and corruption.” 3

Here's a radical idea. Instead of arresting poor Americans — disproportionately African American and Latino — for possessing marijuana, let's start prosecuting the crooks on Wall Street for laundering money for drug cartels, suspected terrorists and corrupt foreign officials.
— Bernie Sanders (@BernieSanders) September 21, 2020