As the International Consortium of Investigative Journalists reports this morning, the FinCEN Files that it has uncovered show trillions in tainted dollars flow freely through major banks around the world, swamping a broken money laundering enforcement system.
Well, no, that’s not what they did find.
What they got was a set of SARs – Suspicious Activity Reports. Which is what a bank fills out when it thinks there might be something going on. Note the think, might, there.
The government – FinCEN – then decides whether it is actually dodgy or not.
So, there’s blokes hanging around the back door of the 7/11. You think they’re up to nefarity. You call the cops who go talk to them. Maybe it’s nefarity, maybe it ain’t and it’s up to the cops to find out.
Snippa’s position here is that you calling the cops is both proof of nefarity and also that you’re doing it, you the person reporting it in to be checked upon.
As it happens an old mate actually works in this field.
It’s mad to say every SAR reflects a criminal transaction.
Filing a SAR is the equivalent of calling the cops, with the even lower bar that you don’t have to see a crime being committed, just something unusual you don’t see a good explanation for. The cops take it from there.
Snippa is trying to use the records of the reporting system to prove that there is no reporting system.
‘Ee’s mad, of course.