Adding further stresses on the US financial services providers and investment banks which had been struggling to grapple with a near-zero interest rate, leaked Government document had revealed on Monday that a number lenders such as JPMorgan, Standard Chartered, Germany’s Deutsche Bank alongside the Bank of New York Mellon, had been engaged in a slew of illicit cross-border money trafficking with criminal networks alongside infamous people between 1999 and 2017 despite repeated warning from the regulators.
In point of fact, the leaked Government documents, obtained by BuzzFeed News which it shared with the International Consortium of Investigate Journalists, had also added that the aforementioned lenders alongside others had continued to funnel illicit funds even after having been warned of potential criminal prosecutions.
Aside from that, Monday’s money markets across the globe had witnessed a merciless tottering of the financial stocks following reveal of the leaked Government documents by the International Consortium of Investigate Journalists, while the narratives appeared to have compounded further due to an ongoing pandemonium related to a soaring number of newer pandemic cases.
Financial stocks slumped
In tandem, as the Consortium was also quoted saying that the American multinational lender JPMorgan Chase & Co. had processed cross-border money laundering for the people having tie-ups with a number of plundering of public funds in Ukraine, Venezuela and Malaysia, shares’ prices of JPMorgan fell as much as 3 per cent on Monday’s Wall St.
closure, while the leaked Government documents had also added that over $2 trillion in malevolent transactions between 1999 and 2017 could be subject to plausible money laundering alongside other criminal activities. Apart from that, the Frankfurt-based Deutsche Bank was found to have channelled more than $1.3 trillion during the same timeframe including a transaction of €200 billion processed last year for the Danske Bank, while the British lender HSBC, which had acknowledged back in the 2012s that it had funnelled over $881 million for the drug cartels in South America, had continued to serve a slew of shady customers including suspected money launders of the Baltic nations alongside Russia and a Ponzi scheme which had been under investigation in many countries.
Shares’ prices of HSBC had been hoisted down by as much as 5.5 per cent to a level never witnessed in more than two decades.