SWIFT global banking knowingly gave fake banks access to the global money system! So we've moved from shell companies to shell banks in the #moneylaundering networks. #ButNothingsHappening
Note: I'm working off the translation so it may have a few issues.
dn.se/nyheter/sverig…
Note: I'm working off the translation so it may have a few issues.
dn.se/nyheter/sverig…
DN broke the news but it's paywalled so I will have post more details from other sources who want readers.... 
The SWIFT system moves $300B a day in international wire transfers between banks. Supposedly working to keep the network & the bank's money safe & secure.
#29leaks has revealed that Formation House helped set up 150+ shell banks in Gambia in Africa...
#29leaks has revealed that Formation House helped set up 150+ shell banks in Gambia in Africa...
It looks like a whisleblower gave the reporters at DN some access to the SWIFT reference system when they researched 17 of the fake banks, with 16 still active in October 2019.
SWIFT knew by at least 2016 that these banks were fake & getting SWIFT reference codes to make them look legitimate.
SWIFT rejected the bank referenced in the email in Spring 2016. But the customers for Formations House needed that fake legitimacy. But these banks still managed to get codes issued.
Some received them because the Euroexim bank in London identified them as branches of their bank. EXIM usually stands for an export import bank, often an official one helping facilitate international deals. I'm not sure if this also a shell bank as it has very little footprint.
So even though SWIFT knew these banks were all sharing the same fake address in Gambia, they got into the system. Enabling massive fraud...
But it is not just Gambia, the paper found 13 companies HQ'd at a rent-an-address office. One known to be used by shell companies & crooks.
A dozen companies were busted in 2017 doing shady 'wealth management' from tax havens. But they still have their SWIFT identification codes.
DN seems to be generating a bunch of stories on the Gambian banks & other money laundering connecting to Sweden.
#ButNothingsHappening!
dn.se/om/dn-granskar…
#ButNothingsHappening!
dn.se/om/dn-granskar…
The Gambian corruption schemes are massive & involve a variety of international players.
It connects to Belgian companies & Hezbollah middlemen...
Many major global banking entities have exposure for participation in this network.
In the process the President of Gambia stole more than a billion dollars from this poor nation. While global energy & mining companies got rich & laundered money to their friends.
