Deutsche Bank, along with several of the world’s biggest commercial banks, are embroiled in a global money laundering scandal that spans over two decades, as documents leaked to BuzzFeed show the movement of $2 Trillion in illicit cash through the Western banking establishment.
The cache of Suspicious Activity Reports (SARs) detailing years of potentially illegal banking transactions were shared with 108 news organizations in 88 countries, according to the International Consortium of Investigative Journalists (ICIJ). These records are a requirement for any financial institution that engages in dollar-denominated transactions anywhere in the world and are filed with the Treasury Department’s intelligence unit, the Financial Crimes and Enforcement Network or FinCEN.
The more than 2,100 SARs released to the press are considered “historical” documents by the implicated banks, who responded with their usual Pontius Pilate routine when reached for comment by the media and washed their hands of the matter by claiming to have fulfilled their legal obligation before the U.S. Treasury “as part of our partnership with regulators and law enforcement to protect the global financial system,” as a Deutsche Bank statement puts it.
The Trump-linked German bank is, by far, the most beset by the suspicious activity records totaling well over half of the $2 Trillion-dollar sum the FinCEN Files trace, with approximately $1.3 Trillion of it moving through the scandal-plagued financial institution. Most of the press coverage in the U.S., so far, has focused on the ties to Russian oligarchs and assorted narratives that are hovering over election-year American political discourse. Deutsche Bank’s central role, nevertheless, betrays a far greater problem as the bank’s potential collapse could send the financial world into a tailspin and result in the greatest economic crisis in history. (more...)
Deutsche Bank Money Laundering Scandal Could Create Greatest Economic Crisis in History
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