Aussie banks laundered $500m for cocaine cartels

A number of Australian banks inadvertently washed AU$500 million (roughly 400m USD) for Latin ANERICAN drug cartels between years 2014 and 2017, in a transnational money-laundering scheme.

Profits from drugs sold in North America were transferred to bank accounts opened in Asia, and from there laundered through several Australian bank accounts via a process known as “layering”: that is, a series of transactions, transfers and purchases used to disguise the origin of illegal funds.

Last year, a mass leak of highly secret United States government documents revealed that JPMorgan, HSBC and Deutsche Bank moved more than $2 trillion of suspected dirty money through the global financial system between 1999 and 2017.

2 freaking trillion bucks goes through the banks and everything is fine but when 1 dude buys a gram of weed with crypto, media and politicians go haywire.

submitted by /u/DaddySkates
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