celebrations will only be small affair as munich is again worrying about the impact of the coronavirus on its economy so politicians and citizens alike are hoping that the number of cases quickly falls. and with that you're up to date on data you can circumvent this was one a website did it get out can you can also follow us on social media i'm sorry kelly and her lead thanks for watching. we know this is a scary time for the coronavirus is changing the world changing our lives so please take care of yourself good systems wash your hands if you can stay at how we're doing we humans are here for you we're working hard we're going to keep

you informed on overwhelm. we're all in this sphere and together to make it through . to save everybody stacey stacey stay safe the priest insists a. 2 trillion dollars of dodgy cash flows at some of the world's biggest lenders and that's despite financial regulation the data leak reported over the weekend has triggered calls for an e.u. wide anti money laundering authority to talk to an expert to find out more also coming up good and bad news from the aviation sector ed boss reveals plans for its 1st 0 emission aircraft i know times announces that more cuts due to the pandemic.

and bikes are looming council. why is keep up the demand to go to taiwan war. what counted up your business i'm going to johnson the lender to have you with us now there's nothing wrong with money wherever it comes from and whatever it's used for at least that seems to have been the motto for some of the world's biggest lenders including germany stacia bank a network of journalists has uncovered trillions of dollars of suspicious cash making its way through the financial system and that despite a strict anti money laundering regulations but apparently those regulations don't work across national borders. 2 trillion dollars but so much the international consortium of investigative journalists say deutsche bank j.p. morgan h.s.b.c. and several other large global banks laundered on their clients' behalf the report comes after gaining access to thousands of suspicious activity reports which banks

have to file with u.s. regulators when red flags are raised the journalists say parents often delayed the report effectively giving a blank check to money launderers. obviously it is good that there were suspicious transaction reports but it's a disaster these were filed far too late father later than foreseen in the law and equally the business didn't stop soon but often it was held on for years in order to make money with the criminals beyond the journalists report shows that anti money laundering systems are badly designed that international money launderers operate better networks the national regulator real authorities. banking analyst in europe are calling pretty you widened the money laundering or 34 suspicious activity report will be used to monitor and prevent illegal cross border transfers. of

a more i'm joined by graham barrow he is the director of the dark money files a block that aims to explain financial misconduct such as corruption bribery and tax evasion to a non technical audience that's brilliant graeme good to have you with us sir tell me one thing and able to all those dig banks to circumvent existing financial regulation that's an able in money laundering. well that's a big question balika it's important to distinguish between correspondent banking the bank you mean you and i do the banking you it doesn't come to those sort of people against correspondent banking does a lot of the banks to banking on the other barons so just to give you some context here in the u.k. 90 trillion dollars every year goes through because when the banking accounts it's massive so this is although it's an eye watering amount against the flows it's not so big and therefore the challenge of identifying the suspicious activity against the the genuine stuff is a big golf so let's not say can't be done the banks are still playing catch up so

they find this a difficult problem and they're not as good at it as they should be so the banks basically would do something about it if they could catch up as you put it or is that a business model that they just don't want to let go. not to look is the banks have deliberately processing criminal follows but sometimes it really does look a bit think critically if you think about most of the banks the risk from the banks most likely labeling if somebody if you lend some good money and they run away with it you've lost the money but the big difference with this is of course the banks do make a profit from all of these drugs and the cost of identifying it is very high so what we're asking them to do is to spend a lot of money to it identify a business that they're going to chalk out not only money and so that's quite a challenging question for viruses or do you want to spend their money to not only

as much as we would have done otherwise not as if right after it's an important supported by right it i can i can understand that that's not really a very good incentive for the banks. but that brings us to the authority set and 1st of all i mean yes again it's journalists that had to uncover these actions not supervisory authorities how come. because we're not prepared to spend the money without sleep of israel for it is to do the job that they need to do if you think about what's happened this this week 2000 saw is have been investigated by 400 journalists in the last year here in the u. curry we get 2000 cells every single does we have a 100 people to look at so we do no have the resources available to do this this investigation at the state level properly because the journalists are able to throw more resources because of the newsworthiness that. they can financially the right

units these are the people that come to look at these things that we have a mismatch and part of that is because we're applying national solution to an international problem and it's not working right and grand you've stressed several times in the u.k. i'm fully aware that i'm asking an englishman now but what are the chances for an easy wide and teen money laundering off r.h.e. well this englishman would drive the come back and join you because he the respect they would have thought i think it's really of course it was saying the events of them have been happening for example where. following the assassination of dr nick carr on the glitz here is that when he decides to do something it's pretty effective and they you know need money will be no authority would help to transform the landscape of society we currently have national solutions for exceptional problems we have got out of all of this cruise though do we need to start working out the problems. they have from the dot money files thank you so much for your

time thank you thank you. went office on reaction from frankfurt to i'm turning into a financial correspondent chelsea delaney chelsea i know the doj bank shares plunged yesterday some 80 percent i'll be in for another terrible day. it doesn't look like it's going to be as bad for what you bank on the stock exchange today but this is clearly a long term really setback for georgia bank these files that these these leaked files they showed just how widespread and how careless really was with its money laundering controls and that allowed them to do all sorts of things like baiting sanctions against iran laundering billions of dollars for russian link criminals a lot of these things have already been investigated by regulators around the world

so it's unclear how much further this is going to set them open for things like regulatory penalties but we have heard from regulators that there are they're looking at they're taking another look at this so certainly reputational and a potential financial risk for which a bank indeed and of course the markets overall are somewhat subdued that's due to the pandemic and with rising case number the possibility of more lock downs what's the lead in from food but certainly very much in and focus right now over the past couple of weeks we've seen this resurgence and coronavirus cases many countries including germany have been posting their highest daily infections sense really the early spring and that's very very concerning for for investors especially because we are having to see more lock downs coming the u.k. for example might have to do is to lock down that's all a huge economic risk and the chance to do learning from food thank you so much.

and to some of the of the global business stories making news. intel says it has received licenses from u.s. authorities to continue supplying certain products to cure way it enables you a way to continue its production of notebooks the u.s. tightened its export controls last week dictating that firms cannot supply the chinese tech giant with any components using american technology. airbus has unveiled 30 emission passenger plane designs using hydrogen powered technology the european manufacturer said today could enter service by 2035 years comes. under growing pressure from governments to tackle carbon emissions are facing and i'm president of the slump of demand amid the coronavirus pandemic. that brings us straight to look tons o. which is announced for the cutbacks on flights and personnel due to the coronavirus pandemic currently its beast $150.00 planes are due to be junked the company won't

it would likely be forced to eliminate more than the previously announced 22000 jobs over the next 5 years. the coronavirus pandemic has made public transport appealing for many people bikes are an obvious eco friendly alternative well lucky those who already have a bike because demand is growing so fast that suppliers are struggling to keep up with it even at the world's biggest bicycle make a giant it's all hands on deck is the report from taiwan. site cio owns a bike shop in taiwan increased demand has eaten into the supply of bicycles and this stuff room. we used to purchase children's bikes 3 times a month. now we only receive those perks once a month. and we don't have enough to sell.

many in the industry know what the taiwanese retailer is experiencing. the world's biggest bicycle maker giant is based here it's sales outside of taiwan are booming too in the 1st 7 months of this year giant spike sales increased by nearly 30 percent in europe and 20 percent in the u.s. and china compared with the same period last year importers report that their inventory has dwindled from a 3 month supply to just one month. while the man outpaces production at all times can do is to push cash here let me bring now that we've seen my wine china and now that they are all pretty insane close to their maximum capacity and experts don't see the demand slowing anytime soon. so things users realize that writing by sickles is a good way to be eco friendly. but it's also more recently the pandemic also changed people's habits and boosted the demand for bicycles. so i'm optimistic.

i would suggest the bike industry expand its capacity steadily based on their perception of their own capability with your clearance holes or god's hands. for now giant is sticking with its current production scale bike retailers like size cio will have to keep waiting to restock and hope customers will keep coming anyway at the moment it looks like they will. and that's your business update here in the w. for me and the teen thanks for watching. protesters

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