LONDON (Reuters Breakingviews) – Big banks want you to know that reports they processed hundreds of billions of dollars of potentially dodgy funds are old and not necessarily relevant to the current money-laundering fight. That’s only partly true. The leaking of details of thousands of suspicious transactions reveal that financial institutions and authorities could do a lot more to combat the financing of terrorism, corruption and other global ills.
Shares in large lenders like HSBC, Barclays and Deutsche Bank slumped on Monday following reports that many had moved allegedly illicit cash around despite finding red flags. BuzzFeed News got hold of about 2,100 suspicious activity reports (SARs) filed to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCen) and shared them with the International Consortium of Investigative Journalists and