show staff at JPMorgan’s Columbus, Ohio, compliance office became concerned about press reports from Ukraine of secret payments to Manafort-controlled shell companies disguised as payments for computer equipment.As scrutiny of Manafort’s foreign dealings intensified, the FinCEN Files show, JPMorgan filed moredetailing — years after the fact — millions of dollars in payments to the consultant, his associates and their businesses.
In all, the FinCEN Files show, JPMorgan transmitted 706 transactions totaling at least $230 million for NoviRex from 2010 to 2015. Much of that amount went to companies incorporated in secretive tax havens. With the click of a keyboard, investors’ money funneled through the New York operations of global banking giant HSBC. Then it zipped across the world into accounts at HSBC’s sprawling Hong Kong offices.
WCM wasn’t the only company tied to criminal activities that moved money through HSBC during the five-year probation that came with the bank’s $1.9 billion deferred prosecution deal. The bank’s Hong Kong office, for example, processed more than $900 million in transactions involving shell companies linked in court records and media reports to alleged criminal networks, an ICIJ analysis found.
Bank of New York Mellon was among the first big banks to pay a large penalty to U.S. authorities for anti-money-laundering failures. In 2005, two years before its merger with Mellon Financial, Bank of New York paid $38 million dollars and signed a non-prosecution agreement after a federal probe concluded that it had allowed $7 billion in illicit Russian money to flow through its accounts.
Deripaska denies laundering funds or committing financial crimes. In 2019 the Trump administration lifted sanctions on three companies linked to him. U.S. sanctions on Deripaska himself remain and he’s suing in an effort to upend them. Firtash, who says he began his climb in business trading Ukrainian powdered milk for Uzbek cotton after the fall of the Soviet Union, lives in exile in a mansion in Vienna, protected so far from efforts to extradite him. His Art Nouveau villa has a home cinema and an infinity pool — a 2017 profile by Bloomberg Businessweek dubbed him “When it comes to banking, he and companies tied to him found open doors among many of the industry’s big institutions.
Then in 2011, a lawsuit filed in Manhattan by former Ukrainian Prime Minister Yulia Tymoshenko provided the banks even more of a heads up, even naming specific accounts at four of the banks that the suit alleged were being used by Firtash for money laundering.
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