New #FinCENFiles: When JPMorgan was asked to facilitate a $1.1 billion oil deal, the bank's own staff warned of a risk of “corruption.”
The bank sent the money anyway.
buzzfeednews.com/article/tomwar…
The bank sent the money anyway.
buzzfeednews.com/article/tomwar…
The deal, involving drilling rights off Nigeria's coast, should have been a windfall for the country's taxpayers. But a corrupt regime had previously sold those rights — to a company controlled by a high-ranking minister. The money was heading into his pockets.
Banks are supposed to be on the lookout for corruption. So a JP Morgan Chase compliance officer outlined the bank’s options. “We could refuse to pay,” or the bank could route the money through the UK, where it would face fewer obstacles than if sent through the US.
In the end, JP Morgan sent the money — and used its UK branch to complete the deal. Much of the money went to the corrupt ex-minister, who spent it on a private jet and big game hunting. buzzfeednews.com/article/tomwar…
JP Morgan says that it acted appropriately. But documents show the banking giant sent the money despite multiple clear warning signs of corruption that its own staff unearthed and brought to high-level managers. buzzfeednews.com/article/tomwar…
Read the rest of our #FinCENFiles investigation here: buzzfeednews.com/fincen-files
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