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…

South Africa to launch new national airline

Definitely abandoning any bailout of the bankrupt national airline South African Airways (SAA), the South African government has announced that it will recreate a new national airline.
 
South Africa to launch new national airline

"It will not be the old SAA but the beginning of a new journey towards the constitution of a new restructured company which will be the new standard of South Africa", announced Friday the Ministry of Public Enterprises in a press release . "The stakeholders (…) have agreed on a long-term vision and strategy" with a view to "creating a new dynamic airline," said the South African ministry, adding that the future national company will have “both public and private shareholders”.

Heavily indebted and recently placed in recovery, SAA has recorded no profit since 2011 and has only survived for years with a permanent infusion of public money. The near total halt in world air traffic caused by the current health crisis has made the survival of SAA, which employs 5,200 people, even more uncertain.




Last month, the government refused to pay yet another 10 billion rand (500 million euro) emergency aid to the company, declaring it bankrupt. "The former SAA is dead, there is no doubt about it," said Minister of Public Enterprise Pravin Gordhan at the Bloomberg agency.