Arab Press

بالشعب و للشعب
Tuesday, Feb 24, 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

Arab Press
0:00
0:00
Close
GCC Secretary-General Holds Talks with EU Ambassador in Riyadh
Gulf States’ AI Investment Drive Seen as Strategic Bet on Technology and U.S. Security Ties
African Union Commission Chair Meets Saudi Vice Foreign Minister to Deepen Strategic Cooperation
President El-Sisi Holds Strategic Talks with Saudi Crown Prince in Riyadh
Lucid Unveils Up to $12,000 Incentive for Air and Gravity Models in Saudi Arabia
Saudi Arabia Enters Global AI Partnership, Expanding Its Role in International Technology Governance
Saudi Arabia’s Landmark U.S. LNG Agreement Signals Major Strategic Shift
Saudi Arabia Accelerates Global Gaming Push with Billion-Dollar Deals and Expanded PIF Mandate
Saudi Arabia Reports $25.28 Billion Budget Deficit in Fourth Quarter of 2025
Alvarez & Marsal Tax Establishes Dedicated Pillar Two and Transfer Pricing Team in Saudi Arabia
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
Saudi Arabia Joins Global Artificial Intelligence Alliance to Strengthen International Collaboration
Shura Island Positioned as Flagship of Saudi Arabia’s Ambitious Red Sea Tourism Drive
Saudi Arabia Rebukes Mike Huckabee Over Remarks in Tucker Carlson Interview
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Mongolian Mining Family’s HK$247 Million Stanley Home Purchase Highlights Resilient Luxury Market
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
×