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Posts Tagged ‘Drug money banking’

HSBC exposed: Drug money banking, terror dealings

Posted by Ram Kumar Shrestha on July 17, 2012

AFP Photo/Lionel Bonaventure

AFP Photo/Lionel Bonaventure

The international banking giant HSBC may have financed terrorist groups and allowed Mexican drug money into the US economy through its lax policies, a damning Senate report reveals.

The findings are the results of a year-long Senate probe into HSBC’s activities, highlighting negligence throughout the bank’s international structure. The probe will be published in a 340-page report in Washington on Tuesday, and senior members of the bank will be called to account for the allegations.

“HSBC used its US bank as a gateway into the US financial system for some HSBC affiliates around the world to provide US dollar services to clients while playing fast and loose with US banking rules,” said Senator Carl Levin in a press release. He added that the US branch of the corporation “exposed the United States to Mexican drug money, suspicious travelers’ checks, bearer share corporations, and rogue jurisdictions.”

“The culture at HSBC was pervasively polluted for a long time,” Senator Levin said. Read the rest of this entry »

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