Need an Expert? ICIJ investigation into big banks involvement in money laundering

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Marc Tassé (English and French)
Part-time Professor, Telfer School of Management
 

“A 16-month investigation by International Consortium of Investigative Journalists (ICIJ) and its reporting partners shows that big banks continue to play a central role in moving money tied to corruption, fraud, organized crime and terrorism. Systems for sniffing out illicit cash flows within big banks often rely on overworked, under-resourced staffers, who typically work in back offices far from headquarters and have little clout within their organizations.

Documents in the FinCEN Files show compliance workers at major banks often resort to basic Google searches to try to learn who’s behind transfers involving hundreds of millions of dollars. The secret documents show banks frequently file suspicious activity reports only after a transaction or customer becomes the subject of a negative news article or a government inquiry — usually after the money is long gone.”