Wyden Releases New Report on Failure of Wall Street Banks to Blow the Whistle on Jeffrey Epstein’s Sex Trafficking and Money Laundering Schemes
‘Looking the Other Way’ Report Caps 4-Year Investigation Into Banks Ignoring Hundreds of Millions of Dollars in Suspicious Transfers; Report Reveals Obstruction by Treasury Department, Senate Republicans and Major Banks; Wyden Outlines Roadmap for Accountability and Legislation to Stop the Ultra-Wealthy from Brazenly Flouting the Law
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today released a new report detailing how years of complicity by top officials at multiple Wall Street Banks enabled Jeffrey Epstein to transfer hundreds of millions of dollars around the world to finance his sex trafficking operation.
Wyden’s report, “Looking the Other Way,” caps a 4-year investigation that included the review of Suspicious Activity reports (SARs), material from multiple lawsuits and court filings and requests for information sent to Wall Street Banks and the Treasury Department. The report lays out compelling evidence that top bankers looked the other way and allowed Epstein to have ready access to the mountains of cash he used to lure, harbor, and transport his victims.
The report exposes how top bankers shielded Epstein from federal scrutiny by delaying the reporting of Epstein’s suspicious financial activity to the U.S. government, likely in violation of federal anti-money-laundering laws. It includes new details about the extent of suspicious activity reported by Deutsche Bank after Epstein’s death, new details from bank reports filed about suspicious transfers to Epstein through accounts at Bank of America, and names top officials at JPMorgan Chase and other banks who were responsible for reporting Epstein’s shady activities to the government but instead protected Epstein in order to gain access to Leon Black and other billionaires.
“I said from the start that if you want to get to the bottom of the Jeffery Epstein cover-up, you had to follow the money. My small team of investigators did what Trump’s attorney general and Treasury secretary said was impossible: they connected the dots and found evidence of multiple crimes related to Epstein’s associates. Bank records they reviewed, along with public court filings, detail a shocking pattern of the biggest Wall Street banks in the country choosing to ignore clear evidence of sex trafficking and money laundering, just to keep a wealthy client on the books,” Wyden said. “This report is a ready-made roadmap for prosecutors, investigators and members of Congress to finally start holding the Epstein class accountable.”
So now the US is ‘the pot calling the kettle black’ when it suits it………
UAE Central Bank orders urgent Banque Misr review after US proposal
Regulator orders forensic lookback into transactions linked to firms cited by US
Abu Dhabi: The Central Bank of the UAE reviewed the issued statement of yesterday by the U.S. authorities regarding Proposal of Special Measure Regarding Banque Misr UAE branches, as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern. The Central Bank would like to emphasise the following:
1- Branches of Banque Misr operating in the UAE are subject to the laws and regulations in force in the UAE.
2- The Central Bank expects banks licensed in the UAE not to expose the UAE’s financial system to reputational risks, to respect the laws and regulations of the countries whose financial institutions are used in conducting transactions, and not to misuse the advanced financial infrastructure of the UAE.
3- The Central Bank periodically examines the procedures for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) at banks operating in the UAE, verifies the effectiveness of the sanctions screening and other systems, and requires banks to enhance these procedures and systems in accordance with the requirements of the applicable laws and regulations.
4- For Banque Misr branches in the UAE, the Central Bank has decided to conduct a special and urgent examination that includes a forensic/in-depth lookback covering the period referred to in the statement issued by the U.S. authorities, with a focus on banking transactions of the companies mentioned in the statement.
5- The Central Bank is currently studying the available options regarding the status of the bank in the event it is decided to impose the special measure against it after completing the procedures in accordance with U.S. laws. The appropriate decision in this regard will be taken in due course, taking into consideration the obligations of the bank towards its customers in the UAE.
As a state-owned institution, Bank Misr is deeply connected to Egypt’s national heritage. It was founded in 1920 by Talaat Harb and other notable figures as the country’s first bank fully owned by citizens, with a mission to support domestic growth without reliance on the West. Nationalized in 1960, it now ranks as Egypt’s second-largest bank and holds significant investments across various economic sectors.
The main concern, according to sources, is that global financial partners might defensively restrict or closely scrutinize their dealings with the wider Bank Misr network to avoid compliance issues. Any operational disruptions could be highly damaging to Egypt’s fragile economy. The country is currently battling a weak currency and declining foreign exchange reserves, while regional conflicts have severely cut into key revenue sources like tourism. As a result, Cairo has increasingly depended on multibillion-dollar rescue aid from the UAE and the International Monetary Fund.
Timothy Kaldas of the Tahrir Institute for Middle East Policy observed that while Washington intentionally designed the sanctions to isolate the UAE branch, this strategy does not guarantee the parent company will avoid collateral damage. He predicted that international compliance teams will inevitably scrutinize all transactions involving Bank Misr more closely.
Bank Misr’s UAE division has operated for over four decades, with branches in Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah. Besides offering standard retail and corporate banking, these branches serve as a vital channel for Egyptian expatriates in the Gulf to send money home—a crucial source of foreign currency for Cairo.
The Treasury Department alleged that the branch’s clients included shell companies linked to the Islamic Revolutionary Guard Corps and Iran’s Ministry of Defense. These entities allegedly sought to evade sanctions and launder funds for Mujtaba Khamenei, Iran’s Supreme Leader.
Under a new proposed regulation, the Treasury aims to cut off Bank Misr UAE from U.S. correspondent banking services. This rule also prohibits the Egyptian headquarters, as well as any other international bank, from routing U.S. transactions for the sanctioned branch. However, Washington chose not to deploy its most aggressive economic measures; it refrained from freezing the branch’s U.S. assets or threatening secondary sanctions against foreign institutions with ties to the UAE branch.
Miad Maleki, a former Treasury official now with the Foundation for Defense of Democracies, noted that targeting a specific, mid-sized branch enables the U.S. to sever a critical dollar pipeline to Iran without causing widespread instability in global markets. He described the move as a unique opportunity for the Treasury to carry out a precise, targeted action. However, Maleki also agreed that the parent bank in Egypt will likely feel pressure as international institutions pull back defensively to reduce their own exposure.
Former State Department sanctions official Richard Nephew pointed out that while the penalty falls short of the sweeping “economic reckoning” previously championed by the administration, it still sends a strong warning. He suggested that the move aims to make other multinational banks—particularly Chinese institutions operating in Hong Kong—think twice about facilitating Iranian trade.
Alongside the measures against Bank Misr UAE, the Treasury sanctioned the manager of Bank Melli’s Dubai branch and a Hong Kong shell company accused of laundering funds for a designated Iranian exchange firm. Earlier in the week, Secretary Bessent declared Washington’s commitment to forcing the closure of all international branches of Bank Melli. Bank Melli is Iran’s largest state-owned financial institution; despite U.S. threats, its Dubai office reportedly remained operational throughout the week.
Retired, living in the Scottish Borders after living most of my life in cities in England. I can now indulge my interest in all aspects of living close to nature in a wild landscape. I live on what was once the Iapetus Ocean which took millions of years to travel from the Southern Hemisphere to here in the Northern Hemisphere. That set me thinking and questioning and seeking answers.
In 1998 I co-wrote Millennium Countdown (US)/ A Business Guide to the Year 2000 (UK) see https://www.abebooks.co.uk/products/isbn/9780749427917
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