Author: Azizur Rahman 30 September 2020
The Times, Law360 and Thomson Reuters asked Rahman Ravelli’s Senior Partner Aziz Rahman for his analysis of the leaked documents known as the FinCEN Files.
Aziz explained that the documents show that there are major weaknesses in the system for banks reporting money laundering suspicions. But he also highlighted the banks’ willingness to flout the rules.
The files reveal that many banks have filed suspicious activity reports (SARs) while continuing to accept money from unidentified sources. One outcome of these revelations could be a huge amount of litigation brought by those who believe the banks have repeatedly accepted the proceeds of crime.
According to Aziz, the current system either needs to undergo major change in order for it to be more effective or should be replaced.
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.