Money Laudering, Citibank and the Biden Regime

In 1970, the Congress passed the Bank Secrecy Act as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters.

 

A bank is required to file Form 4789 with the IRS within ten days of a large deposit with the name and address of the customer making a deposit greater than $10,000. Stiff penalties are assessed for failure to do so.

Yesterday, we discovered in an article from the New York Post, that a $20Bn Biden Regime green-energy slush fund was collecting interest at Citibank and is being distributed without proper oversight, Environmental Protection Agency Administrator Lee Zeldin revealed in an exclusive interview.

Citibank should know that $20Bn is a couple of dollars more than $10,000. Senior executives had to realize a large deposit was made and should have been looking for the form.

Former President Joe Biden’s EPA parked $20Bn at the financial institution, as part of the 2022 Inflation Reduction Act’s Greenhouse Gas Reduction Fund. 

But the awardees weren’t announced until August 2024 and Citibank was not brought in officially until September, after Biden’s disastrous June debate performance led him to withdraw from his re-election effort in July, making for a very different race with former Vice President Kamala Harris the Democratic nominee.

But executives knew that their deposit portfolio balances exceeded the prior quarterly balances. They should have been asking questions and not turned a blind eye to such a questionable increase. Meanwhile, they were enjoying the largesse by making loans, earning interest and rewarding bonuses.

Ultimately, several Democrat Party favorites were awarded the funds, including the Native CDFI Network,  like “gold bars thrown overboard the Titanic” with no regard for the American taxpayers. And up until now, no penalties, fines and other anti-money laundering (AML) punishment has been assessed against the executives of Citibank.

As a retired banker, bank security officer and compliance officer, I find this highly irregular. And illegal. There is no way the bank would be able to circumvent punishment for “not knowing” the laundering was committed.

“Too Big To Fail” does not give the executives a “Get Out of Jail Free” card. Let’s hope the EPA, Treasury and DOJ see it the same way.

After all, we should have a Justice System which works the same for everyone.