Home Asia Featured News "Jail the bankers," experts urge in the wake of FinCEN

“Jail the bankers,” experts urge in the wake of FinCEN

Call by experts to jail the bankers in the wake of FiNCEN has experts saying the banks are sometimes in a catch 22 situation




- Advertisement -

The Consortium of Investigative Journalists exposed the FinCEN Files, bringing to light how banks and regulators have failed the public by allowing dirty to flow unchecked around the globe.

The cross-border 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.

The FinCEN Files how the biggest banks in the are moving vast amounts of money for criminals, corrupt regimes and other shady characters.

- Advertisement -

One of the solution to stop the flow of dirty money around the 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 profit from moving criminal cash.

“I think if some bankers go to jail, that stuff stops happening,” Sherrod Brown, a Democrat from Ohio, told . “One or two big-deal bankers going to jail, and the world will change a bit.”

But according to Computer Weekly, banks face a huge challenge in identifying and stopping money laundering without interfering with police investigations.

- Advertisement -

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 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.

- Advertisement -