The International Consortium of Investigative Journalists exposed the FinCEN Files, bringing to light how banks and regulators have failed the public by allowing dirty money to flow unchecked around the globe.
The cross-border investigation is based on secret documents unveiled by ICIJ, which has been speaking with experts on what’s to be done to prevent such lacking.
“This week, we’ve been flooded with suggestions that range from jailing the bankers, through to allowing the companies at the heart of the system to “help” with the fixes,” says Hamish Boland-Rudder ICIJ‘s online editor.
One of the solution to stop the flow of dirty money around the world is to jail the bankers. This is the opinion of experts, says the ICIJ.
A prominent U.S. senator has also called for harsher penalties for bank executives who profit from moving criminal cash.
But according to Computer Weekly, banks face a huge challenge in identifying and stopping money laundering without interfering with police investigations.
The FinCEN documents leaked to Buzzfeed News revealed that banks including HSBC, Barclays and Standard Chartered have moved huge amounts of money despite spotting suspicious transactions.
According to the UN, about $2tn is moved illegally each year. While it is not a surprise, the fact that the crime is now public, something must be done according to experts.
However, banks are in a difficult position. If they tip the regulators unintentionally, they might come after you if you are threatening a sting operation.