2020-09-21 — icij.org
In 2005, the year Jamie Dimon was named JPMorgan's chief executive, FinCEN warned that Latvian banks and their "sizable" non-Latvian customer base "continue to pose significant money laundering risks." FinCEN said: "Many of Latvia's institutions do not appear to serve the Latvian community, but instead serve suspect foreign private shell companies." FinCEN said Latvia's 23 banks then held about $5 billion in "nonresident" deposits, mainly from Russia and other parts of the former Soviet Union.
This was JPMorgan's market.
Two financial crime experts who reviewed NoviRex's transactions at ICIJ's request said the signs of money laundering were clear. NoviRex had behaved like no legitimate business ever would.
"If I was at JPMorgan and I saw this, I'd be thinking: `This is horrendous,' " one of the experts, former U.K. police detective Martin Woods, said. "What normal company buys computers, lingerie and buckets?"
By early 2014, as citizens were filling the streets to protest Yanukovych, Klyuyev and other government leaders, NoviRex had moved more than $188 million in transactions via JPMorgan.
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