AMERICAN MILITARY NEWS - YAN MORGAN - NOV 22, 2022
The recently announced House Republican investigation into President Joe Biden and his family’s business dealings will focus, in part, on at least 150 banking suspicious activity reports (SARs) allegedly related to the Biden family and their business dealings.
The new investigative effort comes after the Treasury Department, under Biden’s control, has refused to produce the records after previous Republican requests.
In a Thursday report, Republican lawmakers described several evidence and whistleblower testimony suggesting President Biden had knowledge of his family’s foreign business activities. The report also said “Committee Republicans are aware of the existence of additional evidence implicating the Biden family business ventures in suspicious activities but have been obstructed in our attempts to obtain that information.”
“The Department of Treasury is in possession of at least 150 Suspicious Activity Reports (SARs) related to Biden family members’ financial transactions,” the Republican report states. “Despite numerous formal requests by Committee Republicans to review those SARs, and despite decades of precedent of Treasury making SARs available pursuant to congressional requests, the Biden Administration changed longstanding policy and now refuses to produce Biden family SARs or to make them available for Committee Republican investigators’ in camera review.”
These SARs are records produced by banking and financial institutions file with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) whenever there is a suspected case of money laundering or fraud.
A FinCEN guide to SARs describes several suspicious behaviors for which SARs may be used, including:
a lack of evidence of legitimate business activity, or any business operations at all, undertaken by many of the parties to the transaction(s); unusual financial nexuses and transactions occurring among certain business types (e.g., food importer dealing with an auto parts exporter);
transactions that are not commensurate with the stated business type and/or that are unusual and unexpected in comparison with the volumes of similar businesses operating in the same locale;
unusually large numbers and/or volumes of wire transfers and/or repetitive wire transfer patterns;
unusually complex series of transactions indicative of layering activity involving multiple accounts, banks, parties, jurisdictions;
suspected shell entities;
bulk cash and monetary instrument transactions;
unusual mixed deposits of money orders, third party checks, payroll checks, etc., into a business account;
transactions being conducted in bursts of activities within a short period of time, especially in previously dormant accounts;
transactions and/or volumes of aggregate activity inconsistent with the expected purpose of the account and expected levels and types of account activity conveyed to the financial institution by the accountholder at the time of the account opening;
beneficiaries maintaining accounts at foreign banks that have been subjects of previous SAR filings;
parties and businesses that do not meet the standards of routinely initiated due diligence and anti-money laundering oversight programs (e.g., unregistered/unlicensed businesses);
transactions seemingly designed to, or attempting to avoid reporting and recordkeeping requirements; and
correspondent accounts being utilized as “pass-through” points by foreign jurisdictions with subsequent outgoing funds to another foreign jurisdiction.
According to the Republicans, there are at least 150 SARs associated with Joe Biden’s brother, James Biden, and the president’s son, Hunter Biden.
The Republican report states that Republicans on the House Oversight and Reform Committee began seeking these 150 SARs in May of this year, reaching out to both the Treasury Department and various financial institutions the Biden family members may have used.
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