Author Topic: HSBC money-laundering lapses  (Read 2004 times)

Offline danrok

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HSBC money-laundering lapses
« on: May 05, 2012, 02:51:48 AM »
Quote
These documents allege that from 2005, the bank violated the Bank Secrecy Act and other anti-money laundering laws on a massive scale. HSBC did so, they say, by not adequately reviewing hundreds of billions of dollars in transactions for any that might have links to drug trafficking, terrorist financing and other criminal activity.

Full story on Reuters:
http://uk.reuters.com/article/2012/05/03/us-hsbcusa-probes-idUKBRE8420FX20120503

How much of this dirty money gets laundered in Jersey?

* The bank understaffed its anti-money laundering compliance division and hired "gullible, poorly trained, and otherwise incompetent personnel." In 2009, the OCC deemed a senior compliance official at HSBC to be incompetent - the same executive in charge of implementing a new anti-money laundering system.

Why doesn't this come as a surprise?

Offline boatyboy

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Re: HSBC money-laundering lapses
« Reply #1 on: July 13, 2016, 10:14:46 PM »
In the film of the wild west town with the dad and his two murderous thugs of sons that everyone was scared of. You know the story, the fear, the criminality, the down ward spiral of a town of scared people and then the dark stranger on horse back arrives and sorts out the baddies.

Today many feel with all the scams they have pulled in order to part people from their hard earned money, the banks have proved themselves little better.

Obviously proof is needed ? How about the report by the committee on financial services in the house of Representatives chaired by Jeb Hensarling in the USA. The 2012 settlement which cost HSBC £1.2 Billion detailed how the bank violated sanctions by conducting business in Iran, Libya, Sudan, Burma, and Cuba. It also said HSBC bank accounts were used by drug cartels in Mexico.

Of course the UK Government ( the good guys ) would not put up with this blatant disregard for the law. They rode in all guns blazing and supported the USA inquiry ?

No actually.

A USA report claims that the UK financial authority hampered investigations. The UK treasurer Mr Osborne was named  as trying to influence the enquiry in a letter written to the USA authorities. Then the USA bottled out and levied the fine rather than criminal charges as they felt the bank was to big to fail and would cause a global disaster.

So the rotten criminal family in our little town won't go to jail, instead they will have to pay a few dollars to the sheriffs office ( from proceeds of their crimes possibly ) and walk in the free daylight.

I thought that the Governments were there to protect the 318 million people in America and 68 million in the UK not forgetting customers of HSBC generally in the world.

Obviously not as long as you have a big enough cheque book and a big enough business ? Do they really think that if HSBC shrank through its own stupidity that cleaner healthy banks ( taking note of governments hard ball ) would not fill the vacuum ?

http://www.heraldscotland.com/news/homenews/14612932.George_Osborne_tried_to_influence_HSBC_money_laundering_probe__US_report_claims/

Boatyboy.
« Last Edit: July 13, 2016, 10:23:29 PM by boatyboy »

Offline boatyboy

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Re: HSBC money-laundering lapses
« Reply #2 on: July 21, 2016, 04:17:01 AM »
It must be obvious by now that the USA are not faint hearted this time around, maybe they are nurturing a grudge after HSBC  took in raw cash from Mexican drug lords !

Unlike the UK Government who bow gracefully to big banks and bail them out using taxpayers money. Then of course Fred the Shred and his cronies keep the millions they paid themselves.

DM.

British HSBC executive is arrested over '$3.5BILLION exchange rate rigging scheme'
as he landed at JFK airport and thrown in a New York jail.

Executive Mark Johnson allegedly conspired to defraud an HSBC client
Arrested and charged in US for allegedly conspiring to commit wire fraud
Mr Johnson, 50, is HSBC's head of global foreign exchange cash trading

http://www.dailymail.co.uk/news/article-3700037/British-HSBC-executive-arrested-3-5BILLION-exchange-rate-rigging-scheme-landed-JFK-airport-thrown-New-York-jail.html

BB



« Last Edit: July 21, 2016, 04:20:13 AM by boatyboy »

Offline GeeGee

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Re: HSBC money-laundering lapses
« Reply #3 on: July 21, 2016, 03:07:48 PM »
A good read by Mike Weir who is a breath of fresh air to Jersey MSM journalism.

http://weirinjersey.com/do-not-mention-iran

Offline boatyboy

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Re: HSBC money-laundering lapses
« Reply #4 on: July 22, 2016, 12:58:22 AM »

He certainly is a good read GeeGee with loads of factual information.

One wonders how long the BBC will be able to keep him on Jersey once the top civil servants or Ministers want him gone ?

BB