After reports of alleged suspicious transfers Barclays and HSBC shares fall 

Barclays fell by 4% in early trading in London and HSBC and Standard Chartered both lost 3%. Earlier in Hong Kong , HSBC dropped quite 4%, taking the shares to their lowest level sinceMay 1995.

After reports of alleged suspicious transfers Barclays and HSBC shares fall 
Barclays and HSBC shares fall 

Shares within the banking sector fell on Monday after media reports that a number of the world’s largest banks had moved large sums of allegedly illicit funds over nearly 20 years , despite red flags about the origins of the cash .

Barclays fell by 4% in early trading in London and HSBC and Standard Chartered both lost 3%. Earlier in Hong Kong , HSBC dropped quite 4%, taking the shares to their lowest level sinceMay 1995.

The drop came after thousands of documents detailing $2tn (£1.55tn) of probably corrupt transactions that were washed through the US economic system were leaked to a world group of investigative journalists.

Media reports were supported quite 2,000 leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network.

Banks and other financial institutions file SARs once they believe a client is using their services for potential criminal activity.However, the filing of an SAR doesn't require the bank to cease doing business with the client in question.The documents were provided to BuzzFeed News, which shared them with the International Consortium of Investigative Journalists.

The documents are said to suggest big banks provided financial services to high-risk individuals from round the world, in some cases even after that they had been placed under sanctions by the United States government .

According to the ICIJ the documents relate to quite $2tn of transactions dating from between 1999 and 2017.One of those named within the SARs is Paul Manafort, a political strategist who led Donald Trump’s 2016 presidential election campaign for several months.

He stepped down from the role after his consultancy work for former Ukrainian president Viktor Yanukovych was exposed, and he was later convicted of fraud and evasion .HSBC and Standard Chartered were among the five banks that appeared most frequently within the documents, the ICIJ reported.

In a statement to Reuters on Sunday, HSBC said “all of the knowledge provided by the ICIJ is historical.” The bank said as of 2012, “HSBC began a multi-year journey to overhaul its ability to combat financial crime across quite 60 jurisdictions.”

Standard Chartered said during a statement: “We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes.”

Last Updated :