• Deutsche Bank staff saw suspicious activity in Trump's and Kushner's accounts
    6 replies, posted
https://www.nytimes.com/2019/05/19/business/deutsche-bank-trump-kushner.html JACKSONVILLE, Fla. — Anti-money-laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald J. Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog. The transactions, some of which involved Mr. Trump’s now-defunct foundation, set off alerts in a computer system designed to detect illicit activity, according to five current and former bank employees. Compliance staff members who then reviewed the transactions prepared so-called suspicious activity reports that they believed should be sent to a unit of the Treasury Department that polices financial crimes. But executives at Deutsche Bank, which has lent billions of dollars to the Trump and Kushner companies, rejected their employees’ advice. The reports were never filed with the government. The nature of the transactions was not clear. At least some of them involved money flowing back and forth with overseas entities or individuals, which bank employees considered suspicious. The employees — most of whom spoke on the condition of anonymity to preserve their ability to work in the industry — said it was part of a pattern of the bank’s executives rejecting valid reports to protect relationships with lucrative clients. “You present them with everything, and you give them a recommendation, and nothing happens,” said Tammy McFadden, a former Deutsche Bank anti-money laundering specialist who reviewed some of the transactions. “It’s the D.B. way. They are prone to discounting everything.” Ms. McFadden said she was terminated last year after she raised concerns about the bank’s practices.
Yet more evidence that the rich live by different rules.
"You all remember that time during the Panama papers when we found out the rich people of the world were hoarding money in a tax haven on the scale of mid-sized countries collecting dust and literally nothing happened?"
So I was curious and looked up what has happened and I just want to add that the above is not really true. In April 2019, the ICIJ and European newspapers reported that the global tally of such payments exceeded one billion USD, and is now at 1.2 billion. In comparison, Great Britain recovered the largest position (253 million), followed by Denmark (237 million), Germany (183 million), Spain (164 million), France (136 million) and Australia (93 million). Colombia with 89 million recuperated the highest amount for South and Central American countries, which were heavily involved in the financial scandal. While investigations are ongoing in Austria, Canada and Switzerland, and more payments are to be expected, many countries are conducting continued inspections of companies and private individuals revealed in the report. https://en.wikipedia.org/wiki/Panama_Papers#Recovered_sums_from_litigations,_fines_and_back_taxes Panama Papers helps recover more than $1.2 billion around the wo.. What happened after the Panama Papers? ^^Some info from the people/group that released the papers.
Colour me pleasantly surprised, in that case. Is it translating into widespread legislation countering such activities?
The ICIJ mention, in the links I posted, that Indonesia(among other countries) added a bunch of laws (Indonesia made one that makes it so that companies have to reveal their true owners) and that New Zeeland strengthened laws to fight tax evasion and money laundering, but other than that I don't know.
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