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'

in fact, the report shows that deutsche bank and j.p. morgan where the two largest banks in reporting federal authorities that they were concerned about the amount of money coming through. they disclosed 1.3 trillion dollars of suspicious money flows in the files. deutsche bank and j.p. morgan billion.closed $514 the analysis found. haslinda: how does this reflect cracking down on illegal transfers? su: there is concern that the disseminated being to a consortium of journalists, is being reported in the last couple hours by the new york times, by reuters, by nbc news, so it is getting a lot of coverage. it is calling attention to what many critics are saying is deep flaws in the system. policythe bank productions in the industry that represents the banks shows that these banks put out the reports to the federal agencies and only a small percentage of them followed through -- were followed through on. they say many of the banks are allowed to delay the reports and can report that they were concerned with it transfer after the transfer was made.

deutsche bank standard chartered j.p. morgan chase and bank of new york mellon were implicated over almost 2 decades the 5 banks had a rich themselves and their share. holders while facilitating the work of terrorist kleptocrats and drug kingpins the report said so of course i mean we cover this all the time we've been covering we covered precious metals manipulation over and over we had guests who pointed out exactly how it was happening where it was happening at the exact seconds that it was happening and it took you know they got steal billions of dollars and then they had to pay back some of that and this will happen you know again this time because of course fence and will have to be seen to be doing something they have to respond to this report and do something in the crackdown but they won't crack down on j.p. morgan and deutsche bank and h.s.b.c. it will seem like it to the news to the to the you know ordinary voter think wow deutsche bank pay $2000000000.00 is a lot of money but of course it's going to be back doored th

bank think leading j.p. morgan h.s.b.c. and germany's biggest lender deutsche here are implicated here's a look at what we know so far. 2 trillion dollars that's how 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 their record 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 banks often delayed the reports giving a blank check to money launderers deutsche bank is said to have transferred a stunning 1.3 trillion dollars accusations the bank says is all history. these reports are nothing new not for us and not for our regulators either it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. bibles and back then we had 500 staff employed in and the money laundering now it's over 1500. but beyond that the journalists report shows that anti money

deutsche bank, j.p. morgan, other banks as well.om our finance -- our asian finance senior editor, david stanley. some of the transactions are going all the way to 1999 to 2017. a lot of this is old news, no? >> it is old news and new news in some way. some of the state to 2017, not that long ago. this is something that has been flagged many times. these banks have paid a combined $20 billion in fines. we are talking to trillion dollars of funds that have been moved potentially with money laundering. according to this report, that is just the tip of the iceberg. it is raising questions about these banks abilities to stop this activity. report telles this us about what looked like failed efforts to stop money laundering? extent toshows the not only the depth, but the breadth of the problem. it is not being done by criminals and their garages. these are done by major financial centers, led by london , followed by new york. clearly, it is a problem at the highest level. deutsche bank seemed to carry the largest load here, but also some

country on top of that any bank you can think of really has implicated you know bank of america american express j.p. morgan deutsch of citi bank barclays the list goes on. then you know clients and more than 170 countries and there are already 193 in the world were named you know and flagged so focusing on a couple of russians in the u.k. it seems a bit disproportionate and what's been the reaction in the financial world since this all broke while the german ministry of finance has said that all of these transactions a cut in the past they will dated up until 2017 so they've been investigated the matter is closed but let's hear what some of the other big hitters had to say this is not new information to us or our regulators will learn from our mistakes systematically tackle the issues and made changes to our old business perimeter our controls and our personnel consistent with our commitment to protect the integrity of the financial system cities diligence and filing suspicious activity reports with the us department of the treasury when appropriate given the confidential nature of these reports we did not comment

they include germany's deutsche bank as well as britain's hsbc, and the u.s. bank, j.p. morgan chase. the leakeded documents show how banks have helped to circumvent sanctions against the run and syria. many of the -- the banks say many of the transactions took place a long time ago. further, we spoke with a member of the european parliament. he is pushing for a parliamentary hearing, a problem he says has bebeen neglected way too lolong. >> the main issue is in momost member states in europe, but also globally, the controls, in order to make law effective, are really lax. we have public institutions which are under-resourced. ththis holds trurue for much lar financiaial centers, and equally the sanctions s -- the m maximum sanctions outside e of the u.s.. arare far too lowow. therefore we have not the right incentives in place. even after the financial crisis, basically, hardly anyone who was responsible for criminal activity in the banks was jailed, and outside of the u.s., fines were relativelyy low. ththese two ththings have to c e -- more effefective oversight ad harsher s

banks j.p. morgan h.s.b.c.'s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption overdecency in public good color me shocked according to buzz feed a treasure trove of secret u.s. government documents real these giants of western banking move trillions of dollars in suspicious transactions enriching themselves and their shareholders while facilitating the work of terrorists kleptocrats and drug kingpins and that the us government despite having the power to do something does nothing to stop this the secret files are made up of suspicious activity reports or sars for short there were filed with the us department of treasury spying mantle crimes and forstmann now.

they cover money transfers facilitated by high profile financial institutions such as deutsche bank and to j.p. morgan and carried out for a sanction to individuals and companies or even criminals across the world between 19992070. well to discuss all of this i'm joined by business reporter arthur sullivan arthur you know this seems like it's a scale that is quite huge you could say it's enormous it is it's quite hard to get your head around it so we just saw some of the figures and some of the headline numbers involves 2 trillion dollars worth of transactions that involve some of these banks so to break that down the documents that this very large international network of journalists foreign journalists in total were working with it was $2100.00 specific documents of financial transactions which they then added to with about $18000.00 additional documents which they got through interviews and through all their leaks so you're talking about a massive amount of data that they had to troll true and when you and in some cases they may be emerge with one name and address and they have to go further to fin

banks including j.p. morgan h.s.b.c. and most notably germany's biggest lender deutsche bank are implicated as our next report shows is certainly no stranger to scandals. for years customers from russia and other former soviet states money into the western financial system via had to watch a bank the so-called mirror trade scheme on ravelled in 2015 the bank later peter settlement of more than $600000000.00 georgia. was found to have been engaging in a variety of suspect trades involving as much as $10000000000.00. the bank didn't seem to be a victim they seem to be a participant in these mirrored trades back then don't promise to clean up its act now u.s. financial documents reveal that the bank itself estimated internally that this is vicious trades amounted to $16000000000.00 and that it could have still been involved in the dealings until 2017 that is long after the scandal had come to light according to the u.s. documents russian criminals and a money launderer for a terrorist group or among the customers involved they are all believed to have laundered money at the moscow branch of deutsche bank a spokesman points out tha

take a look at the banks, this is one of the may major drivers of the market, j.p. morgan, deutsche bank, bank of america all down on this report of moving money unlawfully for shady characters, that is what is underneath the 600.4 the dow industrial. thank you dagen and james, mark is going to open down 600 points, "varney & company" begins right now, here is stuart varney. take it away. stuart: good morning, everyone the president is wasting no time to get a new justice on the supreme court, senate leader mitch mcconnell needs 50 votes if he can get them the presidents pick will be on the courts before the election, the democrats are in a frenzy of stopping, speaker pelosi threatens impeachment as a stalling, they want to pack the court with new justice who would ensure a liberal majority. it is armageddon, moments ago the president told "fox & friends", he would not name his nomination to the court until after the services for justice ginsburg are completed, he said he would announce friday or saturday. he said he would move quickly, he said time for a vote before the election. n

banks j.p. morgan h.s.b.c.'s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption over decency in public good. color me shocked according to buzz feed a treasure trove of secret u.s. government documents real these giants of western banking move trillions of dollars in suspicious transactions enriching themselves and their shareholders while facilitating the work of terrorists kleptocrats and drug kingpins and that the us government despite having the power to do something does nothing to stop this the secret files are made up of suspicious activity reports or sars for short there were filed with the u.s. department of treasury spine anshul crimes and forstmann network between the years 1999 and 2017 and that these sars reports document more than 2 trillion 2 trillion dollars worth of dubious and possibly criminal transactions completely facilitated by these major lenders and other financial institutions as rachel woolley the director of financial crime and regulatory consultancy firm from marigot told c.n.n. b.c. these files expose a systemic failure across the entire

process those transactions the banks named include germany's deutsche bank and comments as well as britain's h.s.b.c. and the u.s. bank j.p. morgan chase the leaked documents show how banks have helped to circumvent international sanctions against iran in syria the banks and say that many of these transactions took place a long time ago and that they have since tightened their rules on money laundering . earlier we spoke with sven gold a member of the european parliament he is pushing for a parliamentary hearing to investigate a problem that he says has been declared good for far too long take a listen. the main issue is that in most member states in europe but also globally the controls in order to make law effective really lacks so we have properly institutions which are under results this holds true for most. financial centers and equally the sanctions the maximum sanctions outside of the us fall too low and and therefore 'd we have not the right incentives in place so even after the fund then should crisis basically oddly anyone who was responsible for criminal activity in the banks was jailed and outside of the u.s. fines re

j.p. morgan h.s.b.c. deutsche bank just to name a few why them is there something particular about these banks are they simply the tip of a much bigger iceberg so the. lot of banks like these obviously the biggest ones i think why they are so big and over the everyone like looking into them as they move the most money they can they are the big man the banks that have the access to the u.s. dollar to the financial market in the u.s. and lots of people who launder money you'll have like my they want to like invest inject into the real economy want to do that in the dollar market in the u.s. so they they use like smaller banks like afghan united to me a bank or some cyprus bank and then try to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the public view some of them all

j.p. morgan h.s.b.c. deutsche bank just to name a few why them is there something particular about these banks or are they simply the tip of a much bigger iceberg so there are a lot of banks and these are obviously the biggest ones i think why they are so big and over the everyone like us looking into them as they move the most money they can they are the big man the banks that have the access to the u.s. dollar to the financial market in the u.s. and lots of people who launder money you'll have like my they want to like invest inject into the real economy you want to do that. in the dollar market in the u.s. so they they use like smaller banks like afghan united or to me a bank or some cyprus bank and then try to find a relationship with a big bank and then move the money to germany to the u.s. and so on and matthew what kind of clients are we talking about here who is it laundering their money with these banks well it seems that most of the people would be people we've never heard of they're not generally in the publ

just talking about a little bank here or there we're talking about deutsche bank implicated in a major way also h.s.b.c. and j.p. morgan i mean how is that possible is there no regulation at all. i don't think it's necessarily a case of nerve regulation i just don't think the they still have the expertise the an old it's troy and a highlight it really and also prevents it in a timely manner and i think that's always going to be the difficulty with some of the not this this is still with the visibility that they actually currently have it's no surprise that many of these old pharmacies are so concerned about something like big coding somewhere where they have close to 0 visibility if any at all because these all of these networks solving credibly proficiency and therefore does make this kind of the extremely difficult unlike say this is with complies departments which have been beefed up over the course of the last decade it just goes to show that more and more we're going to have to see these teams working with the relevant all thought seasonals try and combat it but i don't think at this point have a going to be in a

banks including j.p. morgan h.s.b.c. and germany's biggest lender deutsche here are implicated here's a look at what we know so far. 2 trillion dollars that's how much the international consortium of investigative journalists say dogshit bank j.p. morgan h.s.b.c. and several other large global banks laundered on their clients' behalf very quote comes after gaining access to thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised but journalists say banks often delayed the reports giving a blank check to money launderers deutsche bank is said to have transferred a stunning 1.3 trillion dollars accusations the bank says is all history. these reports are nothing new not for us and not for our regulators either it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. and 15 back then we had 500 staff employed in and the money laundering now it's over 1500. but beyond that the journalists report shows that anti money launde

just talking about a little bank here or there we're talking about deutsche bank implicated in a major way also h.s.b.c. and j.p. morgan i mean how is that possible is there no regulation at all. i don't think it's necessarily a case of nerves a delay should i just don't think they still have the expertise the an old it's troy and a highlights it's really also prevent it in a timely manner i think that's always going to be the difficulty with something of this and this is still with the visibility that they actually currently how it's no surprise that many of these old overseas are so concerned about something like big somewhere where they have close to 0 visibility if any at all because these all of these networks solving credibly proficiency and therefore does make this type of the lng extremely difficult unlike say this is with comprised of problems which have been beefed up over the course of the last decade it just goes to show that more and more we're going to have to see these teams working with device relevant all forward seasonals try and combat it but i don't think it has but i have been going to be in a situ

banking industry that features in these reports. some of the biginmerican names lve j.p. morgan chase, bank of new york. there is hsbc that features. deutschefeatures prominently in the reports that have been leakedournalists. the key thing here is the sort of volume of transactions and the suspicions being raised. some individual stories have kind of stood out indhis k of early phase of pouring over what is a massive amount of documentation. that is hsbc. it has been published in the past by the u.s. authorities for money-laundering. it seems to be again fined, it may havepe h if engage in money-laundering. there was a chase with j.p. morgan chase. looking at it here, they allow the company to move morethhan $1 billiough a london account without knowing who owned the account. that is one of the key things within banking, you have to know who it is you are dealing with, who your customer is. that was one othlessons from me of the past things like thepa ma papers involve hiding the identities of the people involved. >> ok. people will try t find a way hide their money it seems. a quick look at other news from around the world. more than 240