Profits from drug wars, fortunes embezzled from developing countries and hard-earned savings stolen in a Ponzi scheme - all passed through banks like JPMorgan Chase and HSBC, a Buzzfeed and ICIJ investigation shows.
HSBC shares in Hong Kong fell by over 4% at one point and is now hovering under the $30 (£23.15) mark on Monday.
MASSIVE SUMS OF allegedly dirty money have flowed for years through some of the world's largest banking institutions, said an global journalism investigation published yesterday, which denounced shortcomings in sector regulations.
Safra Sarasin, and Zuercher Kantonalbank (ZKB) - these Swiss wealth managers are cited in an 18-month investigation by the International Consortium of Investigative Journalists, or ICIJ.
ICIJ said the FinCEN Files is "a cache of financial intelligence reports that reveals the role of global banks in industrial-scale money laundering - and the bloodshed and suffering that flow in its wake".
In the Treasury's Financial Crimes Enforcement Network (FinCEN) document leaks, the bulk of the suspicious transactions sent was by Public Bank Bhd at US$13.37 million in seven transactions, followed by OCBC Bank at US$10,100.
Banks such as JPMorgan Chase, HSBC, and Deutsche Bank facilitated the movement of criminal money even after getting caught, the agency reported.
Europe's biggest bank is a possible prospect for China's "unreliable entity list" that intends to penalize companies, companies or people that harm nationwide security, the Communist Party's Global Times paper reportedSaturday A day later on, HSBC was amongst worldwide banks called in a report by the International Consortium of Investigative Journalists on loan providers that "kept profiting from powerful and risky players" in the previous 20 years even after the USA enforced charges on the organizations.
HSBC said in a statement: "All of the information provided by the ICIJ is historical". The bank also said it had "devoted significant resources to strengthening our controls", as well as focused on "meeting our responsibilities and obligations".
In a statement released prior to the investigation's publication, FinCEN said that the "unauthorized disclosure of SARs is a crime that can impact the national security of the United States".