FinCEN Files: Investigation into Dirty Money Transfers from Major Global Banks

At least $ 2 trillion in suspicious transactions were carried out between 2000 and 2017 by several major global banks. This is what an investigation by the International Consortium of Investigative Journalists, made up of 400 journalists from the media in 88 countries, including the investigation units of Radio France and the newspaper Le Monde, reveals.
For their investigation, ICIJ journalists were able to obtain "suspicious activity reports". These are top-secret documents that US bank internal compliance officials send to US financial intelligence agencies when they detect questionable money transfers.

According to these documents, 2,000 billion dollars in suspicious transactions may have been carried out. It is dirty money linked to drugs, corruption, organized crime and terrorism.

Large banks are singled out like JP Morgan, Deutsche Bank, Bank of New York Mellon or HSBC. They ensure, however, that they make significant efforts to combat financial crime an…

Gold demand increased slightly in the first quarter amid uncertain Covid-19

According to a report by the World Gold Council published on Thursday, demand for gold increased by around 1% year-on-year in the first quarter of 2020. It stood at 1,083.8 tonnes, driven by a increased demand for ETFs associated with gold.
 
Gold demand increased slightly in the first quarter amid uncertain Covid-19

Gold is considered a safe haven in times of crisis like the one the world is currently going through with the Covid-19 pandemic. Investors therefore turned to the yellow metal to secure their capital, thus compensating for the drop in demand on the consumer side. The restrictions imposed in most countries to fight the virus have indeed affected the demand for jewelry which has declined by 39% year on year.




At the same time, the institution notes, lower central bank gold purchases (-8%) and lower technological demand have limited the record increase in gold coin purchases (+ 36%). Mining production also decreased 3% year-over-year to 795.8 tonnes, its lowest level in 5 years.