UK lawmakers are launching a formal investigation into “deeply troubling” questions raised by FinCEN file, a global money laundering survey based on documents that BuzzFeed News shares with the International Association of Investigative Journalists.
Investigation revealed the way Western banking giants move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the acts of terrorists, kleptocrat and drugs.
The documents include numerous disclosures about the UK financial system and some of its largest banks, including HSBC Bank, Standard Chartered, and Barclays. Money launderers often Use British shell companies to transfer their cash thanks to the country’s lax corporate incorporation law. The UK’s problems are so great that a confidential US government report described the country as a “high riskMoney laundering jurisdiction.
The Congressional Treasury Committee announced the midnight local time investigation on Friday.
Mel Stride, the committee’s conservative chair, said the investigation will look at the progress government regulators and law enforcement have made in preventing money laundering.
He wrote in a statement: “It is important that the relevant agencies take responsibility and scrutiny to ensure that the UK is a clean place to do business. Interrogations by British parliament often gather evidence through both written and verbal testimony, much of which is publicly available, before a final report is released.
When the investigation of the FinCEN File was first brought to light in September, Stride claimed that their findings were “extremely troubling” and has submitted a series of questions about it for key government agencies. Stride issued an official response from the agencies to those letters on Thursday.
The Financial Regulatory Authority, which oversees banks operating in the UK, says it has written to all the banks listed on the FinCEN Profile asking for more information and says in the school. If there is any “suspected serious misconduct”, the agency will open its own investigations.
James Brokenshire, the government’s security secretary, wrote in a response to Stride Interior Office and the National Center for Economic Crime “carefully looked at the allegations” contained in the FinCEN Papers to “see what else to do”.
The FinCEN Records investigation is based on thousands of “suspicious activity reports” submitted by banks to the Financial Crime Enforcement Network, the US government agency responsible for preventing money laundering.
Responding to a question about whether the FinCEN File has resulted in banks submitting less SARs, Brokenshire said law enforcement “did not raise any concerns” about submitting its worthwhile performance reports. doubt. During the week after publication, “SARs continued to be posted at or above their normal rates.”