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There Are Still Deficits In The Fight Against International Money Laundering
According to research by a network of journalists, there are still considerable deficits in the fight against international money laundering.
Yazar: Tom Roberts
Yayınlanma: 21 Eylül 2020 01:20
Güncellenme: 2 Mayıs 2024 02:03
There Are Still Deficits In The Fight Against International Money Laundering
According to research by a network of journalists, there are still considerable deficits in the fight against international money laundering. Accordingly, the information disclosed in the evening from a data leak by the US Treasury Department reveals that banks from all over the world have been doing business with high-risk customers for years and, despite strict regulations, have accepted suspected criminals as customers and made transfers worth billions for these. According to the information, they sometimes reported these processes only very hesitantly and sometimes with years of delay.
This is the result of joint research by several media partners, which was published under the name "FinCEN-Files". The US online medium Buzzfeed News shared the documents with the journalists network ICIJ (International Consortium of Investigative Journalists).
According to the information, 110 media outlets from 88 countries took part in the research, including NDR, WDR, "Süddeutsche Zeitung" and Buzzfeed News in Germany. According to the media involved, the "FinCEN files" contain more than 2,100 suspicious transaction reports from 2000 to 2017. The total amount of transactions is around two trillion US dollars, currently 1.69 trillion euros.
"US financial system as machine room for global money laundering"
The tax justice network, which has been pointing out abuses in the fight against international money laundering for years, was not very surprised at the deficits disclosed. However, the data leak gives "a shocking insight into the central role of the US financial system as an engine room for global money laundering," said Markus Meinzer from the network of the German press agency. The United States took the inglorious second place on the shadow financial index after the Cayman Islands. "In order to improve, the US would finally have to switch to exchanging tax data with the rest of the world. Europe and Germany must insist on that."
But there is still a lot of trouble in Germany. "After the Cum-Ex and Wirecard scandals, it must have become clear to everyone: The German financial supervisory authority Bafin fails too often and has to be fundamentally rethought and rebuilt," demanded Meinzer. "When organized crime infiltrates the economy and kleptocrats plunder their states with the help of Western banks, freedom and democracy are threatened everywhere." The rule of law must finally get serious and seriously punish money laundering.
Germany is currently playing a key role in the international fight against money laundering and terrorist financing. Because in July Germany took over the presidency of the Financial Action Task Force (FATF) for two years through the Federal Ministry of Finance. According to the Ministry of Finance, this is an international institution in which the governments of 37 member states, the European Commission and the Gulf Cooperation Council work together.
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