Organized Crime In The New Millennium

The Intelligence Reform & Terrorism Prevention Act of 2004 amended the Bank
Secrecy Act to require the Secretary of the Treasury to prescribe regulations requiring
certain financial institutions to report cross-border electronic transmittals of funds, if the
Secretary determines that reporting is "reasonably necessary" in "anti-money laundering
/combatting financing of terrorists (Anti-Money Laundering/Combating the Financing of
Terrorism AML/CFT)."
Notable Cases
1998 investigation, United States Senate, Contribution Laundering/Third-Party
Transfers. Includes investigation of Gandhi Memorial International Foundation.
Bank of Credit and Commerce International: Unknown amount, estimated in
billions, of criminal proceeds, including drug trafficking money, laundered during
the mid-1980s.
BTA Bank: $6 billion of bank funds embezzled or fraudulently loaned to shell
companies and offshore holdings by the banks former chairman and CEO
Mukhtar Ablyazov.
Bank of New York: US$7 billion of Russian capital flight laundered through
accounts controlled by bank executives, late 1990s.
Charter House Bank: Charter House Bank in Kenya was placed under statutory
management in 2006 by the Central Bank of Kenya after it was discovered the
bank was being used for money laundering activities by multiple accounts
containing missing customer information. More than $1.5 billion had been
laundered before the scam was uncovered.
Danske Bank + Swedbank: $30 billion - $230 billion US dollars laundered
through its Estonian branch. This was revealed on 19 September 2018.
Investigations by Denmark, Estonia, the U.K. and the U.S. were joined by France
in February 2019. On 19 February 2019, Danske Bank announced that it would
cease operating in Russia and the Baltic States. This statement came shortly
after Estonia's banking regulator Finantsinspektsioon announced that they would
close the Estonian branch of Danske Bank. The investigation has grown to
include Swedbank, which may have laundered $4.3 billion. More at Danske Bank
money laundering scandal.
Ferdinand Marcos: Unknown amount, estimated at US$10 billion of government
assets laundered through banks and financial institutions in the United States,
Liechtenstein, Austria, Panama, Netherlands Antilles, Cayman Islands, Vanuatu,
Hong Kong, Singapore, Monaco, the Bahamas, the Vatican and Switzerland.
HSBC, in December 2012, paid a record $1.9 Billion fines for money-laundering
hundreds of millions of dollars for drug traffickers, terrorists and sanctioned
Page 198 of 372