By The FirstThe U.S. Treasury Department has agreed to turn over suspicious activity reports (SAR) pertaining to President Biden’s family to the House Oversight Committee for review according to committee Chairman James Comer. House investigators hope the reports will shed new light on the shady business dealings of the President’s family, including those of his son Hunter and brother James.
A SAR is a document that financial institutions are required to file with the Financial Crimes Enforcement Network (FinCEN) in the United States when they detect suspicious transactions or activity that may indicate potential money laundering, terrorism financing, or other illegal activities.
The Bank Secrecy Act (BSA) requires banks and other financial institutions to monitor customer accounts and report any suspicious activity to FinCEN. The SAR includes information about the suspicious activity, including the name and account number of the customer, the nature of the suspicious activity, and any supporting documentation.
The SAR is filed by the bank’s anti-money laundering (AML) compliance officer or other designated employee, and it is used by law enforcement agencies to investigate and prosecute financial crimes. Filing a SAR does not necessarily mean that the customer has committed a crime, but it does trigger a review by law enforcement agencies to determine whether further investigation is necessary.
The New York Post reports:
The records submitted by banks to the US government may contain new bombshells on the first family’s murky foreign income and the millions reaped by first son Hunter Biden and first brother James Biden in countries where their powerful relative held sway.
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The reports, which Comer requested last year when he was ranking member of the committee, and again in January, are likely to flesh out details in the money trail involving the Biden family’s relationships in China, Russia, Ukraine and potentially other countries.
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“According to bank documents we’ve already obtained, we know one company owned by a Biden associate received a $3 million wire from a Chinese energy company two months after Joe Biden left the vice presidency,” [ House Oversight Committee Chairman James Comer] said.
