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…

The European Union's plan to protect our industry from China's appetites

The European Commission will create new tools to better cope with the appetites of foreign predators, especially Chinese and American, while its industry is struggling. Brussels also wants to protect our industry from the unfair competition from subsidized foreign companies.

The European Union's plan to protect our industry from China's appetites

While the health and economic crisis has devastated the industry of the European Union, Brussels is spinning its arms to prevent it from being the victim of distorted competition from subsidized foreign companies or the appetite of foreign predators, eager to take advantage of the fragility of many European players. "Europe is an open economy and closely interconnected with the rest of the world. For this to remain a strength, we must be vigilant," said executive vice-president of the European Commission in charge of competition, Margrethe Vestager, quoted. in a press release.

No more naivety. "We need the right tools to ensure that subsidized foreign companies do not distort competition in the European market, just as we already do by controlling national state aid to EU companies," added the former Danish Minister of Economy. With the European Commissioner for the Internal Market, Thierry Breton, she presented in Brussels "a white paper", which should be followed in 2021 by a legislative proposal.



A public consultation will be launched until September 23, to help the Commission prepare these new instruments. In its white paper, the European executive already details a number of solutions envisaged. First: if a subsidized foreign company is found to have an adverse effect on competition in the European market, the national competition authorities or the Commission could impose measures. This would, for example, involve demanding compensatory payments.

Second: the Commission wants to prevent foreign companies, largely funded by states, from buying fragile European companies or acquiring a significant stake in their capital. Above a certain amount, the threshold of which is not mentioned in the press release, foreign companies must notify their acquisition to the Commission. If the latter considers the competition in danger, it could prohibit this acquisition.




Thirdly, the European executive also intends to intervene when a widely subsidized foreign company risks winning a tender for a public contract in the EU in the face of European companies, by offering much more advantageous prices. Brussels proposes that these foreign companies notify upstream the aid they receive from their state. And if it is found that this aid distorts competition, the foreign company could be excluded from the invitation to tender.

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