NEW DELHI: Forty-four Indian banks have been flagged in connection with transactions by Indian entities and individuals in a set of Suspicious Activity Reports (SARs) filed by US banks with the watchdog agency, the Financial Crimes Enforcement Network (FinCEN).
A report of FinCEN reveals that 44 Indian banks - public, private and foreign - were flagged for transactions that allowed criminals to move "dirty money" around the globe. These could relate to activities such as money laundering, terrorism and drugs.
BuzzFeed News obtained records from a whistle-blower and shared them with the International Consortium of Investigative Journalists (ICIJ). The News was a partner from Pakistan, together with 108 media organisations from 88 countries. Named FinCEN Files, this collaborative project of investigative journalists is based on top-secret bank reports filed to the US Treasury Department's intelligence unit, the Financial Crime Enforcement Network.
The files, known as SARs, show suspected illicit funds of more than $2 trillion moving through banking channels. The SARs are not less than transcripts of the failures of banks and other financial institutions and how this flourished the illicit money flow. Having been named in a SAR doesn't mean proof of a crime; it warrants questioning about the source of funds which was not done. Once reported to the US Treasury, the files remain buried in the record.
According to BuzzFeed News, some of the leaked records were gathered as part of US Congressional committee investigations into Russian interference in the 2016 US presidential election while others were gathered following requests to FinCEN from law enforcement agencies.
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