Hey Guys we the team of HELPING SURFERS INC. has come up Money Laundering Part 6 as promised. We are going in deep for Famous Money Laundering Cases.In this part we are going to share information about these.
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In this Part-6 we have a special underlined content which any blog hardly reveals because this info is very confidential. So take a note of it may we change your life.
Note- HELPING SURFERS INC. Do not promote any illegal activities.
Famous Money Laundering Cases
While money laundering is better understood and more easily detected than ever before, it is by no means a crime of the past. Many of the largest laundering schemes ever prosecuted took place within only the last few years.
HSBC Holdings PLC
In 2012, HSBC was one of the largest banks in Europe and an important part of one of the largest money-laundering schemes of the century. While bank leaders were not directly implicated in facilitating the scheme, it was discovered that the bank’s lax security and reporting policies allowed for massive amounts of money to move without detection.
All together, HSBC networks were used to launder nearly $900 million dollars for the Sinaloa cartel and other criminal organizations. Much of this money was believed to have come from drug trafficking enterprises.
Though adequate monitoring systems for money laundering are required by law, none of the executives of the bank were charged over the lax security measures. However, the bank was ordered to pay nearly $2 billion dollars in fines to the US and to submit to a series of restructuring requirements.
Danske Bank
The Danish Danske Bank scandal is one of the most recent major money laundering cases and perhaps one of the biggest in world history. More than $200 Billion in suspicious transactions moved through the bank between the years of 2007 and 2015. Most of these transactions were processed through the bank’s Estonian branch and were initiated from Russians and Azerbaijani sources.
Leaders of the bank faced charges in several countries. The CEO was charged in Denmark, and several former employees were arrested by Estonian law enforcement to face charges. As of 2019, the bank’s employees continue to be charged.
The bank itself is facing billions in fines from the regulators of several of the nations involved. Denmark and other European nations have already moved toward fines. As of this time, the US financial investigation is still ongoing, with both the Department of Justice and the Securities and Exchange Commission examining the transactions.
Wachovia
Wachovia was one of the largest banks in the US when a massive money laundering investigation into it began in 2005. Agents with the Drug Enforcement Agency noted numerous connections between the bank and narcotics traffickers that they were investigating at the time. This investigation would ultimately reveal that the bank was used to launder nearly $300 million.
The money involved in the laundering was deposited into accounts in Mexico by money exchangers and then wired to US accounts where it was withdrawn and then shipped back to Mexico in US cash. The accounts were not given much scrutiny in either country, which allowed the schemes to continue for years on end without raising flags.
Wachovia was found to be negligent in the ensuing investigation, and ultimately ordered to pay more than $123 million in fines. The bank was also ordered to undergo a major restructuring. The bank, suffering from several internal and external problems, was sold to Wells Fargo several years later.
Anti-Money Laundering Initiatives
The scope and seriousness of money laundering throughout the world has inspired several major initiatives, including intergovernmental organizations with a global reach. These initiatives take on the role of recommending more effective laws to member states, encouraging compliance with international agreements and shining a spotlight on abuses.
Our next part of this series is based on- Financial Action Task Force On Money Laundering.
Stay Tuned Because its lots more to learn in this Series. Next part is going to be the last and its really important may we change your life. In short the most powerful content on this blog.
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