Africa’s richest woman, several Russian oligarchs, a disgraced Kazakhstani banker, and a former Congolese warlord certainly make for a motley crew.
All have had run-ins with the law. Several are currently in hiding or in exile.
And this week, they’ve all made life even harder for the already battered big banks.
Because on Monday, leaked documents from the U.S. government’s Financial Crimes Enforcement Network revealed more than $2 trillion in suspicious transactions that big banks did nothing to stop.
We’re talking about money coming from money laundering, evading U.S. sanctions, fraud, and of course, corruption.
Even North Korea and Venezuela have been moving money using these banks. Often, the documents show that the banks themselves flagged the transactions as suspicious, but still let them through.
This has already pushed bank stocks lower. And we’re nowhere near the bottom for banks.
See, things are only going to get worse for them.