European bank shares fell on Monday after thousands of leaked files released over the weekend showed how a number of major institutions had engaged for years in handling up to $2 trillion in dirty money.
The documents are part of a collection of files that belongs to the Financial Crimes Enforcement Network, an agency operating under the Treasury Department to detect and prevent financial crimes, and wereEuropean equities were already under pressure on Monday from a resurgence in cases of Covid-19 across the region, pushing the Stoxx 600 down by 2.2%, but banks were easily the worst performers, prompting a 5% drop in the Stoxx 600 banking index.
The ICIJ analysed the leaked documents over the last 16 months with more than 400 journalists across 88 countries taking part.
Ahem: 'The banks that had the highest reported amounts of suspicious activity: JPMorgan, Standard Chartered, Barclays, Deutsche Bank and BNY Mellon. Deutsche Bank accounted for the most transactions with $1.3 trillion passed between 1999 and 2017, Deutsche Welle reported.' Noted.