HSBC accused of ignoring anti-money laundering requirements


#1

telegraph.co.uk/finance/news … eport.html


#2

story gathering speed fines of about €500mill on the cards

[guardian.co.uk/business/nils ... sfeed=true](https://www.guardian.co.uk/business/nils-pratley-on-finance/2012/jul/17/hsbc-money-laundering-barclays?newsfeed=true)

#3

Well you knew there had to be an Irish angle. From the front page of the Indo

Lots more stuff on the link below

independent.ie/national-news … 72602.html


#4

Maybe our powers that be thought the dastardly duo could get some of that mucky money to be deposited in Irish banks to, you know, clean them up …


#5

I’m quite impressed that we’ve got some world class reprobates instead of just the usual gombeen sort. :smiley:


#6

#7

Jesus christ :smiley:

I knew it was bad but I didnt realise it was that bad, countdown to their next slap on the wrist is on I suppose.

I did lol at their investigator spending his days throwing rocks into a quarry though.


#8

So all that advertising about understanding the different markets in places foreign is true, huh?


#9

When the system is insitutionally corrupt, compliance with the rules becomes irrational - elementary game theory.

It’s noteworthy that even the patsy they put out to express mea culpas in front of Congress didn’t lose his job.


#10

They may as well have Hans Blix investigating

https://www.youtube.com/watch?v=UIPSvIz9NDs


#11

So unless I’m mistaken the “great crime” according to the piece is that the national subsidiaries were run as hands off operations, as required by the domiciled countries relevant laws and regulations. And, hushed breath,

So bulk deposits in dodgy countries without “proper checks”. WTF

Pure grandstanding by the committee. Maybe they should look again at how the major US banks recycle domestic drug money. Many billions p.a. Little has changed since they last had a peek back in the 80’s and back then they showed a remarkable disinclination to delve very deep. HSBC got whacked because its not a domestic bank so it does not have the deep lobbing connections of say a BoA or Citi. If I’d were HSBC I spend $20M p.a for the next few year to buy the right lobbyists on the Hill and this wont happen again.

The simplest way to find a money laundering trail in the US is to first start with the nearest high profile populist machine politician and look at their business supporters / interests and how they are interconnected. Local government contracts / regulatory monopoly businesses / municipal corps are great car washes for large cashflows. Rebuild a city owned airport for $2B but $1B of cash flow cannot be properly accounted for. Have a huge municipal port authority but all port activity was killed decades ago by union rules but again cash flow is mysteriously large…

Scale up and across the country and HSBC’s $5B p.a of no paperwork funds look like chicken-feed.


#12

I’m enjoying how the current season of Homeland has a “fictitious” bank that launders money for terrorists, called HLBC.


#13

HSBC’s crimes were obvious to its bosses in the US, Mexico and London. Everybody knows that now. Drug dealers go to jail and the banking kingpins get their company to pay some some silly fine. Meanwhile the bank has assisted in a war that has killed at least 100,000 people.