London Daily

Focus on the big picture.
Friday, Mar 13, 2026

Here are some of the biggest revelations that came out of the leaked FinCEN reports

Here are some of the biggest revelations that came out of the leaked FinCEN reports

A BuzzFeed report revealed files showing JPMorgan Chase, HSBC, and Deutsche Bank facilitated the movement of criminal money even after getting caught.

Thousands of leaked documents shared with hundreds of journalists reveal how some of the world's biggest banks have for years facilitated the movement of dirty money.

The documents are part of a collection of files that belongs to the Financial Crimes Enforcement Network, an agency operating under the Treasury Department to detect and prevent financial crimes, and were first published by Buzzfeed and the International Consortium of Investigative Journalists.

The agency is in charge of compiling "suspicious activity reports" when it detects potential or evident financial crimes. The documents are distributed and shared with law enforcement and financial intelligence groups around the world, but the agency does not force banks engaging in financial crimes to stop, BuzzFeed News, which obtained the leaked documents, reported.

The report said banks such as JPMorgan Chase, HSBC, and Deutsche Bank, among others, engaged with and facilitated the movement of criminal money even after getting caught.

The files detail movements and transactions for almost two decades, starting from 2000 and continuing into 2017.

"These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which criminals have exploited them," Buzzfeed reported. "Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks' own employees."

Here are some of the biggest revelations to come out of the bombshell report:

A Ponzi scheme to move millions of dollars around the world



A man walks past a logo of HSBC at its headquarters in Kuala Lumpur.


HSBC allowed fraudsters involved with WCM777, a Ponzi scheme, to move millions of dollars around the world, the BBC reported.

The bank was notified by US investigators that the business was a scam, but fraudsters working with WCM777 were still able to move around more than $15 million. At the time of notice, WCM777 was barred from conducting business in three states.

The Ponzi scheme that ran out of WCM777 victimized thousands of Asian and Latino immigrants, according to the BBC and BuzzFeed News, targeting poor communities in various nations around the world.

Big banks processed huge transactions affiliated with a politician wanted by Interpol



A man walks into the JP Morgan headquarters at Canary Wharf in London.


JP Morgan Chase, along with Bank of America, Citibank, and American Express, processed huge transactions affiliated with a former Kazakhstan mayor wanted by Interpol, BuzzFeed News reported.

The family of Viktor Khrapunov used JP Morgan Chase to handle millions of dollars in transactions. Khrapunov, the former mayor, ran off to Switzerland but Kazakhstan attached to his charges of bribe-taking, among others.

Putin associate used a big bank to evade sanctions and launder money



A Barclays bank office is seen at Canary Wharf in London.


A close associate of Russian President Vladimir Putin used Barclays Bank as a way to avoid sanctions and launder money, the BBC reported.

The United States and the European Union in 2014 imposed sanctions on Arkady Rotenberg, a billionaire close to Putin, restricting him from conducting business with Western banks.

Barclays has not admitted any wrongdoing.

$142 million worth of suspicious transactions



Central Bank of The U.A.E. in Dubai, United Arab Emirates.


The United Arab Emirates' central bank in 2011 and 2012 processed $142 million, despite the transactions being labeled as suspicious, the BBC reported.

A British bank noted the activity, flagging it out of suspicion. But the Gunes General Trading, the firm responsible for pushing the transactions through the central bank, continued to use local financial institutions to process them.

Movement of money for organized crime, terrorists, and drug traffickers



People walk past a Deutsche Bank office in London.


Deutsche Bank facilitated the movement of money for organized crime, terrorists, and drug traffickers, according to BuzzFeed News.

Managers and top executives at Deutsche Bank knew that the bank was susceptible to criminals seeking money laundering services, according to documents reviewed by BuzzFeed News.

When reached for comment, the bank said it's "learnt from our mistakes" and billed itself a "different bank" now.

Newsletter

Related Articles

0:00
0:00
Close
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Tesla Secures Approval to Supply Electricity Directly to Homes Across Britain
Prince William Delivers Tribute to Australia’s Naval Alliance Amid Renewed Royal Spotlight on the Country
UK Foreign Secretary Travels to Saudi Arabia to Reinforce Support for Regional Allies
Putin’s ‘Hidden Hand’ May Be Assisting Iran in Conflict With Trump, UK Defence Secretary Warns
UK Sets April Deadline for Tech Platforms to Strengthen Online Protections for Children
Elon Musk Moves Into Britain’s Energy Market as Tesla Wins Licence to Supply Power
UK Watchdog Warns Fuel Retailers Against Profiteering Amid Iran War Price Surge
Report Claims Iran Used UK Charity Network to Expand Influence
United States and United Kingdom Establish Joint Standards for Counter-Drone Technology
Iran May Be Laying Naval Mines in Strait of Hormuz, UK Warns Amid Escalating Gulf Tensions
US Deploys Bunker-Buster Bombs to UK Airbase as Iran Conflict Intensifies
British Troops in Iraq Intercept Iranian Drones Targeting Coalition Base
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
British Airways Suspends UK Repatriation Flights as Middle East Travel Disruption Deepens
US Forces Prepare Ordnance at RAF Fairford as Strategic Bombers Deploy for Middle East Operations
Nigel Farage Faces Criticism After Saying Britain Should Stay Out of Iran War
Landmark UK Trial Begins Over Sony’s PlayStation Store Pricing
UK High Court Rejects Bid to Challenge Britain’s Chagos Islands Agreement With Mauritius
Finnish Duo Triumphs in England’s Annual Wife-Carrying Race, Winning a Barrel of Ale
How U.S. and UK National Security Strategies Are Reshaping the Global Business Landscape
Green Party Gains Momentum as Labour Shifts Toward the Political Centre
Royal Navy Destroyer HMS Dragon Sets Sail for Eastern Mediterranean as Regional Tensions Rise
UK Homebuilder Persimmon Warns Iran Conflict Could Dent Property Buyer Confidence
Roman Abramovich Signals Legal Fight if UK Seeks to Seize Chelsea Sale Funds
UK Ready to Back Emergency Oil Reserve Release as Middle East Conflict Pushes Prices Higher
Study of 40,000 Articles Sparks Debate Over Alleged Anti-Muslim Bias in UK Media
US and UK Army Chiefs Strengthen Cooperation on the Future of Armored Warfare
Britain’s Search for the Next ARM Intensifies as Startups and Investors Target the Semiconductor Frontier
Three US Strategic Bombers Arrive at RAF Fairford as Iran Conflict Intensifies
Cancer Death Rates in the UK Fall to the Lowest Level on Record
UK Government Bond Yields Retreat Slightly After Sharp Spike Triggered by Middle East Conflict
UK Chancellor Warns Middle East War Could Push Inflation Higher
UK Prime Minister Warns Iran Conflict Could Drive Up Prices and Threaten Economic Stability
Trump Declines UK Offer to Deploy Aircraft Carriers to Middle East Amid Iran Conflict
Prince Harry and Meghan Markle to Return to Australia After Seven Years for Philanthropic and Business Engagements
UK Government Signals Independence From Washington as Cooper Says Britain Does Not Agree With Trump on Every Issue
×