A latest report, revealing role of global banks in industrial-scale money laundering, has named six Pakistani banks among transgressors. International Consortium of Investigative Journalists (ICIJ) published the catastrophic consequences of money laundering by banks globally in a report titled as FinCEN Files. The recently uncovered trove of government documents revealed 29 transactions that showed suspicious transactions to and from Pakistan.
$1,942,560 was received as a result of these transactions that included one ‘sent’ transactions worth $452,000. These transactions were from Allied Bank Limited (ABL), United Bank Limited (UBL), Habib Metropolitan Bank Ltd, Bank Alfalah, Standard Chartered Bank (SCB), and Habib Bank Limited (HBL).
The report reveals that global banks moved more than $2 trillion between 1999 and 2017 in payments they believed were suspicious, and flagged bank clients in more than 170 countries who were identified as being involved in potentially illicit transactions. The figures include $514 billion at JPMorgan Chase and $1.3 trillion at Deutsche Bank.