Leaked US Financial Crimes Enforcement Network (FinCEN) documents suggest that criminals have siphoned trillions worth of illicit money through several world prominent banks. Thousands and thousands of documents regarding suspicious activity reports (SARs) were purportedly submitted to FinCEN back in 2000 up to 2017. These documents imply that traditional banks are seemingly enabling widespread monetary corruption while the government just observes and supports on the side. This latest development is a stark contrast to the public belief that illicit transactions and money laundering activities are more predominant in the crypto industry.
BuzzFeed News, the news outlet that initially reported this development, has since stated that the laws implemented by the regulators that were meant to hinder financial crimes, ultimately enabled it to flourish instead of killing it. BuzzFeed News adds that banks will always have an excuse for criminal prosecution as long as they are the ones filing the notice regarding the facilitation of any illicit activity. According to the news publication, the current protocols are nothing but free passes for the banks. It eliminates any allegations against them while persistently amassing money via transaction fees – effectively siphoning trillions of dollars underneath our noses.
This development drove the crypto industry players to express their frustrations to various social media platforms.
Sorry, tell me about how bad bitcoin is again… https://t.co/1SxepVaTsM— Hailey Lennon (@HaileyLennonBTC) September 20, 2020