FinCEN Leaks: Jho Low moved over RM10b in transactions flagged ‘suspicious’ by US banks
Fugitive financier Low Taek Jho had moved billions of American dollars through transactions flagged as suspicious by several United States banks between 2009 and 2016, a recent document leaks showed.
(MMO) – The Treasury’s Financial Crimes Enforcement Network (FinCEN) document leaks showed that the suspicious transactions between the man called Jho Low’s family and related businesses came as early as 2009, the year when 1Malaysia Development Bhd (1MDB) was formed.
The “FinCEN Leaks” that was scrutinised by BuzzFeed News and the International Consortium of Investigative Journalists involved Suspicious Activity Reports (SARs) flagging such suspicious transactions.
SARs must be filed with the US’ FinCEN when potential offences such as money laundering has been suspected, within 60 days of detection.
ICIJ said 27 banks had been flagged in transactions involving Low, with eight SARs involving 103 transactions worth US$2.53 billion (RM10.39 billion) were included in the leaks.