NEW YORK – Four major US banks are under investigation for allegedly using ‘relaxed’ operating procedures that would allow them to whitewash money.
NDJ World | Published: Sep 16 2012 North America
Whitewashing money is the practice of concealing fraudulent money practices and making them appear to be legitimate.
According to the New York Times, money transfers that had little or no secure monitoring, allowed drug dealers, gun smugglers and terrorist organizations to transfer huge sums of cash without raising suspicion.
JPMorgan Chase and Bank of America, two of America’s largest banks, are currently being investigated for possibly whitewashing money.
Detective services against whitewashing have increased their presence in locating financial institutions involved with this illegal practice.
JPMorgan was accused last year of circumventing America’s sanction laws with other countries and allegedly conducted unauthorized business with Cuba and Iran.
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