Large money laundering network revealed by banks

Tuesday, September 22, 2020

 Large money laundering network revealed by banks

 Large money laundering network revealed by banks

  • A consignment of classified documents related to the banking industry has been seized which reveals how unrestricted remittances are made through frontline Western banks.
  • In this work, crackdown on money laundering is only looked at. There are conflicting funds transfers at the individual and organizational levels. Some of them are from Pakistan.

  • BuzzFeed obtained all of these records from a whistleblower that shared them with the International Consortium of Investigative Ghetto Journalists (ICIJ). The News from Pakistan also partners with 108 media outlets from 88 countries.
  • The files seized have been classified as Suspicious Activity Reports (SARs) and are suspected to be 20 2 trillion in remittances through banks.
  • The arrival of money in SARs does not mean that the crime has been proved, but the source of the money needs to be questioned.
  • After it is reported to the US Treasury Department, it is put on record.
  • According to BuzzFeed News, some of the leaked records have been compiled as part of an investigation by a US congressional committee investigating Russian interference in the 2016 US presidential election.
  • While other material has been collected, BuzzFeed News did not comment on the identity of the source, following a request from law enforcement agencies that the source not be identified.
  • The ICIJ also investigated the Offshore Lex Papers in 2013, the Swiss Lex in 2015, the Panama Papers in 2016 and the Paradise Papers in 2017, but these Art Scene Papers are different.

  • The leaks are not the documents of one or two companies, but came from a number of banks, with the majority of SARs belonging to Standard Chartered Bank, JP Morgan, 
  • Disclosure documents consist of 2100 SARs in which the names of individuals and organizations from different countries are listed, some of which also belong to Pakistan. The name of Altaf Khanani's company from Pakistan is also included.
  • Under the money laundering network, several companies whose products include making explosive devices for the Taliban. The SARs also includes some individual names suspected of remittances.
  • The SARs also lists six Pakistani banks through which 20 2 trillion has been remitted.
  • Khanani has been involved in money laundering on a global scale, with clients ranging from drugs to terrorist organizations.
  • Money laundering ranges from 14 14 to  16 billion annually worldwide through Khanani's global network. Dubai-based Mazaka General Trading Company was used for this purpose.
  • From December 2013 to February 2014, two companies, Seaborn and Dryden, received  42 million through five transfers. These companies are notorious for money laundering.
  • The joke was used to surround Khanani when  1.125 million was transferred to a drug money account. The suspect was arrested at Panama Airport. Khanani was sentenced to five-and-a-half years in prison, which was completed in July this year. His current location is unknown and his lawyer is not in touch with the ICIJ.

  • The SARS reveals that a number of Pakistani companies involved in the transfers also sensed the threat as they were accused of allegedly providing raw materials for the Taliban's subversive activities.
  • For example, a fertilizer company sent or received  3.8 billion from its account to unknown businesses in China, Dubai and Pakistan.
  • According to a 2012 Washington Post report, almost all ammonium nitrate in bomb-making for the Taliban was made by a single company.
  • According to SARS, three Pakistani companies manufacture chemicals used by the Taliban for explosives.
  • One company transferred 12 1.2 million through Standard Chartered Bank to an unknown account in the United Arab Emirates, citing explosions to shake the earth. One company lost its license in 2009 when it was caught transporting 58 tons of explosives across the Afghan border.
  • Apart from institutions, some Pakistani personalities have also been nominated in SARS. The owner of a bakery and his two sons transferred  8.5 million from Dubai to Pakistan in 2012.
  • The FBR and intelligence agencies were alerted at the time, but no one knows what the outcome of the investigation was.


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