Snapper Bank Shares Crumple Amid ‘Haram Money’ Scandal

Jakarta, CNN Indonesia –

Stock a number of big world banks slumped in trading Monday (21/9). The correction in stocks cannot be separated from reports regarding the involvement of banks in the flow of ‘illicit money’ at the global level.

Deutsche Bank shares fell by 1.62 percent to the position of US $ 9.09 during the trading break Monday (21/9) on the New York Stock Exchange (NYSE). The trigger was a media report that said the German financial services company was involved in money laundering.

Quoting AFP, when the scandal occurred, the current CEO of Deutsche Bank, Christian Sewing, was the Head of the Audit Division.

For information, the International Journalist Investigation Consortium (ICIJ) has revealed that illicit money flows through big banks in the world. The findings come from classified documents by US authorities, namely the US Department of Treasury’s Financial Crimes Enforcement Network, also known as FinCEN.

The FinCEN documents include more than 2,100 reports of suspicious activity submitted by banks and other financial companies to the agency.

In the document, the ICIJ found more than US $ 2 trillion in illicit transactions between 1999 and 2017 through global high-profile banks. Of this amount, the majority went through Deutsche Bank, valued at US $ 1.3 trillion and JPMorgan amounting to US $ 514 billion.

In its report, ICIJ also mentioned a number of other big bank names such as HSBC, Standard Chartered Bank, and Bank of New York Mellon. They are said to have continued profiting from the dangerous practice, even after US authorities fined the financial institution for failing to stem the previous flow of illicit money.

Apart from Deutsche Bank, JPMorgan shares fell 0.21 percent to US $ 98.35, HSBC Holdings shares fell 2.04 percent to US $ 19.73, and Standard Chartered fell 5.20 percent to UK pound 340.70.

Meanwhile, the US stock market was sluggish. The Dow Jones Index fell 0.88 percent to 27,657, the S&P 500 fell 1.12 percent to 3,319, and the Nasdaq Composite fell 1.07 percent to 10,793.

On the other hand, the German DAX index fell by 3 percent due to the fall of Deutsche Bank, which was also listed as a dual listing on the Frankfurt Stock Exchange.

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According to the Strait Times report, HSBC and Standard Chartered shares also fell their lowest level in more than two decades because of the report on the Hong Kong stock exchange. For the record, the two big banks are registered as dual listings.

In Hong Kong, HSBC shares fell 5.3 percent to Hong Kong $ 29.60, the lowest level since 1995. The fall was deeper than on the London stock exchange.

Not much different, Standard Chartered shares fell 6.2 percent to 34.90 Hong Kong dollars, which is the lowest level in 22 years.

(ulf / sfr)

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