morgan h.s.b.c. and several other large global lenders earned in fees fees that their clients paid for transactions to launder dirty money i'll bet is $1.00 of the explosive revelations from the biggest ever leak of documents from the us treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised your bank is said to have transferred a stunning $1.00 trillion dollars in illegal cash and these are accusations that the banks as are all engine history. reports are nothing new not for us and not for a regulate design 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. 1000 then we had 500 stuff employed and the money laundering now it's over 1500 tons and. are in for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on the program i w

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

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 journalis

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.

morgan h.s.b.c.' 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 us department of treasury spying mantle crimes and forstmann now.

morgan h.s.b.c. and several of the large global banks laundered on their clients' behalf. their 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 for journalists a parent's 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 far too late or 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 authority is. banking on a list in europe of calling for an e.u. wide anti 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

morgan h.s.b.c. and several other large global lenders earned in fees fees that their clients paid for transactions to launder dirty money that is $1.00 of the explosive revelations from the biggest ever leak of documents from the us treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised your bank is said to have transferred a stunning 1.3 trillion dollars in a legal catch and these are accusations that the bank says are all ancient history yes these reports are nothing new not for us and not for a regulate design 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. 1000 from then we had 500 stuff employed in and the money laundering now it's over 1500 tolls. are in for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on the

morgan h.s.b.c. just to name a few why then is there something particular about these banks or are they simply the tip of a much bigger iceberg so the. there are a lot of banks and 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 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 f. ck and 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 som

morgan h.s.b.c. and several other large global lenders earned in fees fees that their clients paid for transactions to launder dirty money and that is $1.00 of the explosive revelations from the biggest ever leak of documents from the us treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised a bank is said to have transferred a stunning 1.3 trillion dollars in a legal catch and these are accusations that the banks as are all engine history yes these reports are nothing new not for us and not for a 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. 1000 from then we had 500 stuff employed and the money laundering now it's over 1500 tolls. are in for more on this now i'm joined by alistair wellman in london. 2 decades worth of experience in banking regulation it's good to have you on the program i wa

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 so

morgan h.s.b.c. it's a global vomit fraud phenomenon every major bank in the world commits vomit fraud and every major population in the world has to pay for the vomit fraud you know it's like money as vomit. good yeah and they sell it like hey this is an amazing like let's you find haleigh ride wherever you are and blah blah blah and you don't need to speak the language and it's a cheaper it's easier and and you know it helps drivers who gets to rent out their car essentially and they say the same thing it's like we're providing liquidity we're helping the markets we're helping the low actually providing liquidity are right there's plenty of ahmed from acquitted everywhere you know i got an idea for a business is called vomit d.n.a. kit so when if somebody driver tries to claim that it's your vomit the backseat that they're going to charge 100 $50.00 for you can whip out your vomit d.n.a. kid and say prove it i've got my d.n.a. of my bomb and right here if you can match it i'll pay if you can match

morgan h.s.b.c. 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 money 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 ethic and united to me a bank or some cyprus bank and tried 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

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 general

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 they were filed with the u.s. department of treasury spying mantle crimes and forstmann network between the years 1900 $99.20 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 co

morgan h.s.b.c. and several other large global lenders earned in fees fees that their clients paid for transactions to launder dirty money and that is $1.00 of the explosive revelations from the biggest ever leak of documents from the u.s. treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised a bank is said to have transferred a stunning $1.00 trillion dollars in a legal catch and these are accusations that the bank says are all engine history yes these reports are nothing new not for us not for a regulate design 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. 1000 then we had 500 stuff employed in and the money laundering now it's over 1500. are for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on the program i want

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 t

morgan h.s.b.c. 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 there are a lot of banks and these 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 f. the united or to me a bank in ahmadi 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 who's 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

h.s.b.c. j.p. morgan goldman sachs have been all these major banks is to apply anti racketeering law that's the only way you're going to stop it unfortunately they're just going to go after ordinary people that will have to be seen to crack down they will go after somebody who's like a small business person with a $10000000.00 turnover a year though marching in front you know the frog march him in front of the. yes incarcerate him for 30405060 years and they'll say see we did something about it because they have to do something now right so if insan is embarrassed by this and no billionaire banker is going to get arrested they won't get in trouble because the holder adoption already establishes that this will jeopardize the system so the have to in order to maintain confidence from the people in the institutions will have to throw some some low level chumps that's what they used to do with the mafia before giuliani took them down remember they used to throw away a few of the foot soldiers and say see we d

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 by had to watch a bank the so-called mirror trade scheme on ravelled in 2015 the bank later paid a settlement of more than $600000000.00. george. 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 mere trades back then don't have bank 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 were among the customers in

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 paid 2 $1000000000.00 is a lot of money but of course it's going to be back towards through the taxpayer they're going to pay it out nobody will go to jail in the meantime they will crack down on ordinary small investors small business people ordinary people and we'll get into that in a 2nd so for 11 years i've been saying that j.p. morgan jamie diamond have been funding terrorism and now fence and it's come out and said exactly that and as you say there nothing will be done on mean that this i don't know what the allen joke right i mean they go to the doctor he says doctor my brother thinks he's a chicken and the doctor says here take these pills because no you don't understand we need the eggs so even though if incense says these banks are committing terrorism the justice department will say we need the eggs we need the money we need the revenue we need the profits we need the billionaires

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 situation at least not for the forseeable future we're goin

h.s.b.c. j.p. morgan bank just to name a few how bad does it look for them. mark think it looks pretty bad indeed. for monks are for you know a lot of unforced mentioned are ever going to happen. nothing's really being formed it's just i mean what there were say 1520 years ago but it's really just papering over the cracks in our on trying to count them from our you know. and so when our. receipts are nearing uro's $6000000.00 for. the accident so about a month for them to even notice and then after that they are suspicious there's a couple different sciences there's the fact that. you know they're just not really motivated you're necessary because there's too much money to loose but also there are these banks just quantity that completely lost control this. systems are extremely outdated now and how to get it saxon staples basically and only just don't have the manpower to look into these things properly even when they do find money to upgrade and you know one of your reporters talked about mentioning russia that this is an international problem laundering mo

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 situation at least not for the forseeable future going to see a

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

morgan chase also said to facilitated money laundering for corrupt entities in venezuela ukraine malays here while h.s.b.c. allegedly helped move money from a ponzi scheme around the world despite having promised to clamp down on money laundering we spoke exclusively with one of the reporters from the international consortium of investigative journalists who uncovered these findings. you know it was very fascinating to see the huge money flows through the biggest banks you could think of no i'm not talking about show you the banks. in secrecy havens we're talking about the biggest things you can think of we're talking about banks on wall street and they threw money that was sort of through them by these small banks all over the world and. these are the banks that you sort of believe over sort of the grown ups in the room who are going to be responsible for you know being taking that sort of front line defense against really toxic talk to criminality but in fact you know we were seeing not only were they waving this stuff through but they sort of knew it was it was stuff that they were waiting to as well.