This video from the USA says about itself:
HSBC allowed money laundering, says US Senate
17 July 2012
HSBC Bank has been allowing money laundering to happen right under its nose, according to a scathing report by the US Senate. Money suspected to come from drugs and terrorism deals.
Apparently HSBC Holdings plc has allowed the bank to act as a conduit for monies resulting from these shady underworld dealings from places like Mexico, Iran, the Cayman Islands, Saudi Arabia and even Syria!
Senator Carl Levin, chairman of the U.S. Senate Permanent Subcommittee on Investigations said “The culture at HSBC was pervasively polluted for a long time.” The report also concluded that top US bank regulator the Comptroller of the Currency, had failed to monitor HSBC properly.
As we all know, banks around the world are on the ropes right now and so this news is likely to get under the noses of anyone who’s had enough of any of their ‘anti-customer, pro-profit’ antics. …
Written and Presented by Marverine Cole.
From daily The Morning Star in Britain:
Wednesday 13th July 2016
The report, dubbed “Too big to jail,” names Mr Osborne as having intervened in the US investigation by sending a letter in September 2012 to the chairman of the Federal Reserve — the US’s cantral bank.
It also accuses Britain’s Financial Services Authority of having “hampered” the probe.
HSBC was not prosecuted over the allegations in the US because officials were concerned it would cause a global financial disaster. The bank was instead fined £1.2 billion by US authorities.
“It is hard to envisage circumstances where the Chancellor of the Exchequer should be using his office to interfere in a criminal investigation.”
See also here.
UK BANKS HSBC and Standard Chartered have been linked to a serious corruption scandal in South Africa, with the Serious Fraud Office looking to investigate how deeply they are involved: here.