The Crimes of HSBC

Multinational bank HSBC is known for scandals as much as for global banking.

In the summer of 2012 the British multinational bank HSBC was exposed for laundering money for drug cartels, Iran, and moving money for an al-Qaida linked Saudi bank. A report presented to the Senate’s Permanent Subcommittee on Investigation in July 2012 detailed HSBC subsidiaries transporting billions of dollars in armored vehicles, clearing suspicious checks, and assisting drug cartels in buying planes through Cayman Island accounts. At the hearing David Bagley, HSBC’s head of compliance, resigned in front of the committee stating that, “Despite the best efforts and intentions of many dedicated professionals, HSBC has fallen short of our own expectations and the expectations of our regulators.” In the wake of the investigation and 335-page report HSBC was fined $1.9 billion.

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The bad guys are drowning in their own evil, and they can’t escape exposure anymore like they did in the past.

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