ICIJ: suspicious money move estimated at $ 2 trillion

Shafaq News / the International Consortium of Investigative Journalists (ICIJ) published on its website Leaked documents from the U.S. Department of Treasury's Financial Crimes Enforcement Network about suspicious banking operations exceeding about $ 2 trillion.

The documents the ICIJ obtained identified more than $2 trillion in transactions between 2000 and 2017 that were flagged by financial institutions' internal compliance officers as possible money laundering or other criminal activity, the report said.

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Banks moved money for people or entities they couldn't identify, and in many cases failed to file the required suspicious activity reports until years afterward.

"It's the nature of banking: They move money," Jim Richards, former head of anti-money laundering at Wells Fargo & Co. and Bank of America Corp., who now runs his own advisory firm RegTech Consulting. "So despite all the efforts to crack down on this, there'll always be some criminal money moving through the banking system. It's very small portion of the trillions of dollars they handle every day."